By Adriano Marchese
Toronto stocks saw a mild increase in mid-trading on Monday, bouncing back from earlier slight lows. Following a strong two-month rally to close out 2023, Canadian equities had a softer start to the year.
Sector Performances
The rise in the indexes was largely driven by gains in tech, utilities, and tech services sectors. However, the energy sector experienced a decline, along with industrial services and process industries.
Index Performance
At midday, Canada's S&P/TSX Composite Index recorded a 0.24% increase, reaching 20986.91. The blue-chip S&P/TSX 60 also rose by 0.25% to 1268.80.
Bausch + Lomb's Positive News
Shares of Bausch + Lomb surged 3.7% to 16.99 Canadian dollars ($12.71) when the company announced that its laser-assisted vision correction surgery platform for treating nearsightedness, known as Lasik, received approval from the U.S. Food and Drug Administration.
Other Market Highlights
Here are some other notable market movements:
- Morguard shares increased by 5% to C$113.00 after the company announced its plan to sell a portfolio of 14 hotels across Canada for C$410 million as part of its real estate portfolio optimization strategy.
- Farmers Edge's shares jumped by 36% to C$0.34 after Fairfax Financial, the majority owner, raised its takeover offer for the digital agriculture company. Fairfax's shares also rose by 0.5% to C$1288.16.
- Enthusiast Gaming's shares declined by over 13% to C$0.26 following the resignation of Chief Executive Nick Brien from his role at the Los Angeles-based gaming-entertainment company.
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