Toronto Stocks Slightly Higher on US Market Closure

By Adriano Marchese

Toronto stocks saw a slight increase at midday on Monday, while U.S. markets remained closed in observance of Martin Luther King Jr. Day. Investors are eagerly awaiting the release of Canada's December inflation report on Tuesday, with analysts predicting a small increase in prices compared to the previous month, according to FactSet.

Mixed Sector Performance

During the mid-session, sector performance was a mixed bag. Process industries, health tech, and producer manufacturing saw significant losses, while gains were mainly seen in communications, utilities, and energy.

S&P/TSX Composite Index: Up 0.11%

The S&P/TSX Composite Index, Canada's main stock index, edged up 0.11% to reach 21,012.84 at midday. Additionally, the blue-chip S&P/TSX 60 rose by the same percentage to 1,267.09.

Neighbourly Pharmacy Soars on Acquisition News

Neighbourly Pharmacy experienced a substantial surge, with its shares climbing nearly 16% to 18.21 Canadian dollars ($13.58). The company announced its agreement to be acquired by PCP in a go-private deal valued at approximately C$415 million.

Notable Market Movers

• Thomson Reuters: The Canadian media conglomerate's shares rose by 1.2% to C$197.23. It recently increased its offer to acquire the remaining shares of Swedish information technology solutions company Pagero Group at a price of 50 Swedish krona ($4.87) per share.

• Orford Mining: Shares of Orford Mining jumped 100% to C$0.09 following the company's agreement to be fully acquired by Alamos Gold in a deal worth C$24 million.