By Adriano Marchese
Toronto stocks were mildly lower in midday trading Friday, largely due to outsized declines in materials stocks, as well as more minor losses in consumer services and distribution services stocks. Most sectors were gaining, led by consumer durables, health tech and energy.
Foreign investors for a second straight month sold down holdings of Canadian securities to the tune of 4.23 billion Canadian dollars in March, the equivalent of $3.03 billion, even as Canadian investors were targeting U.S. bonds.
Canada's S&P/TSX Composite Index fell 0.1% to 25872.42 and the blue-chip S&P/TSX 60 was down by 0.1% at 1555.15.
MEG Energy shares climbed 17% to C$24.91 after Calgary-Alberta based Strathcona Resources announced a cash-and-stock bid to acquire the oil sands producer. Analysts believe the move sets the stage for a possible bidding war in Canada's oil patch. Strathcona shares fell 2% to C$30.30.
Other market movers:
First Capital Real Estate Investment Trust plans to renew its share-repurchase program to buy back up to 10% of its issued shares over the course of one year. Shares rose 1.1% to C$17.39.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
May 16, 2025 12:04 ET (16:04 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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