Toronto Stocks Rise; Cenovus falls with the sector after a widening loss in the 4th quarter

By Adriano Marchese

Canadian equities edged higher Tuesday at midday, with only the energy sector posting significant losses during the session. Transportation, consumer non-durables and materials were the leading winners. In line with the energy sector, shares of Cenovus Energy Inc. fell after the company reported a widening loss in the fourth quarter despite nearly doubling production.

By noon, Canada’s S&P/TSX Composite Index was up 0.59% at 21359.90. The blue-chip S&P/TSX 60 rose 0.57% to 1298.70.

Shares of Calgary-based Cenovus Energy Inc. fell 5.4% to C$18.49 after it said the loss per share widened to 21 cents Canadian (17 cents US), compared with a loss of CA$0.12 in the comparable quarter of the previous year. Total upstream production averaged 825,300 barrels of oil equivalent per day, versus 467,200 barrels per day, beating expectations of 809,500 barrels per day.

Other market drivers:

Shares of Thomson Reuters Corp. fell 3% to C$129.16 after posting a loss in the fourth quarter, with a loss per share reaching 36 cents, compared to earnings of $1.13 per share a year earlier.

The shares of TMX Group Ltd. rose 2.7% to C$126.17 after increasing its quarterly dividend and reported revenue and profit beat analysts’ expectations in the fourth quarter.

Shares of Bragg Gaming Group Inc. jumped 17% to C$7.99 after saying it expects a multi-year growth streak as momentum from a strong 2021 looks set to continue.

Shares of Enthusiast Gaming Holdings Inc. rose 19% to C$3.51 after the company said it expects revenue to increase in the fourth quarter, which will contribute to higher earnings for the whole year.

Write to Adriano Marchese at [email protected]


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