By Kathryn Hardison
Stocks in Canada were higher in midday trading Wednesday. Canadian base metals, health care and information technology sectors led the gains, while battery metals was the only index to fall. Shares in Canadian gold mining company Centerra Gold Inc. fell after it reported a decline in second-quarter revenue and slashed its production outlook for the year.
Canada’s S&P/TSX Composite Index was up 1.5% at 19872.23 and the blue-chip S&P/TSX 60 increased by 1.5% to 1199.42.
Toronto-based Centerra Gold shares plunged 20% after it said second-quarter revenue dropped 17%, primarily from suspended gold operations at the Oksut Mine and lowered gold and copper sales at Mount Milligan Mine. The company said it expects 2022 consolidated gold production of 245,000 to 265,000 ounces from its prior outlook issued last December of 400,000 to 450,000 ounces.
Other market movers:
Boyd Group Services Inc. shares rose 19% to C$190.02 after posting better-than-expected results for its second quarter. Sales increased 38%, to US$612.8 million, higher than the US$569.4 million that analysts were expecting, according to FactSet. The automotive-collision and glass-repair company posted a profit of US$13.3 million, up from US$10.5 million in the previous year.
Shares of Magnet Forensics Inc., a developer of digital investigation solutions, rose 9.3% to C$24.03 after it said second-quarter revenue jumped 41% to $23.1 million on strong demand.
CAE Inc. shares fell 14% to C$28.63 after the company, a manufacturer of simulation technologies, posted mixed results for its fiscal first quarter on lower-than-expected results in its defense business.
Write to Kathryn Hardison at email@example.com