By Adriano Marchese
Stocks in Toronto were mildly higher in midday trading Monday, a few steps behind their U.S. counterparts, as Canadian investors await the Bank of Canada's decision on a potential rate hike on Wednesday. In the session, most sectors were higher, led by process industries, tech services and commercial services, while materials, tech and communications were the biggest of the few laggards. Azimut Exploration Inc. shares jumped after the company said its Quebec land holdings were identified as highly prospective sites for lithium.
At midday, Canada's S&P/TSX Composite Index was 0.46% higher at 20598.32, and the blue-chip S&P/TSX 60 rose by 0.47% to 1241.05.
Shares in Azimut Exploration Inc. were 25% higher at 1.39 Canadian dollars ($1.04) after saying that a review of the exploration potential of its land holdings in Quebec's Eeyou Istchee James Bay region revealed that six properties have a significant chance of bearing lithium.
Other market movers:
MCF Energy Ltd. shares were 5.3% higher at C$0.40 after it announced the acquisition of Germany-based Genexco GmbH and its associated licenses for the company's natural gas prospects for a price of 8 million euros ($8.7 million) in cash and stock.
Shares of BriaCell Therapeutics Corp. were up 4.9% at C$9.85 after it said it would investigate trading activity of its shares, which the company said has manipulated their price to remain depressed.
Ritchie Bros. Auctioneers Inc.'s shares rose by 2.7% to C$82.55 after amending its bid for U.S. auto retailer IAA Inc. and secured support for the deal from activist investor Starboard Value LP.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
01-23-23 1218ET
