Toronto stocks surge; Galaxy Digital Hops On Strength Confirmation During Volatility

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By Adriano Marchese


Toronto-listed stocks jumped midday Friday after several days of declines, but are still on track for a seventh consecutive weekly decline. During the session, all sectors in Canada were up, led by technology services, manufacturing industries and consumer durables. Like other crypto-related listed companies, shares of Galaxy Digital Holdings Ltd. rose after saying it remained in a strong capital and liquidity position amid a volatile week for cryptocurrencies.

By noon, Canada’s S&P/TSX Composite Index was up 2.07% at 20107.22, and the blue-chip S&P/TSX 60 was up 1.73% at 1220.29.

Shares of Galaxy Digital Holdings Ltd., a diversified financial services and investment management company, rose 19% to C$9.21 after saying it currently has a cash position of 1. $6 billion, half in cash and half in net digital assets.


Other market drivers:

Shares of Cineplex Inc. rose 8.7% to C$12.41 after beating analysts’ expectations with a reduced loss and higher revenue in the first quarter as moviegoers returned to more theaters large number.

Shares of Algonquin Power & Utilities Corp. rose 3.7% to C$18.12 after posting higher first-quarter revenue and profit and increasing its dividend by 6%.

Shares of Neo Performance Materials Inc. jumped 23% to C$13.11 after reporting higher revenue and earnings, beating analysts’ expectations in the first quarter.


Write to Adriano Marchese at [email protected]

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