Toronto Stocks Slip; Converge Technology Solutions Jump on C$1.3B Acquisition by H.I.G. Capital Affiliate

Dow Jones

Feb 08, 2025

By Adriano Marchese

Toronto stocks were mildly lower mid-session on Friday. Most sectors were in the red at midday, with the biggest laggards in health tech, communications and tech stocks. Of the few gainers, process industries, consumer services and consumer durables were the leaders.

On the macroeconomic front, Canada posted another month of unexpectedly strong hiring in its economy, adding 76,000 jobs in January, after jobless rate again fall to start the year.

Canada's S&P/TSX Composite Index fell 0.3% to 25454.33 and the blue-chip S&P/TSX 60 declined by 0.4% to 1530.07.

Converge Technology Solutions shares rose 53% to 5.42 Canadian dollars ($3.79) after the Canadian tech company said it agreed to be acquired in a deal with an enterprise value of about C$1.3 billion by an affiliate of Florida-based H.I.G. Capital.

Other market movers:

Shares in Canopy Growth fell after the company's loss missed expectations in the fiscal third quarter, with revenue dragged by a decline in its Canadian adult-use cannabis segment.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

February 07, 2025 11:59 ET (16:59 GMT)

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Of the few gainers, process industries, consumer services and consumer durables were the leaders. \n\n\n  On the macroeconomic front, Canada posted another month of unexpectedly strong hiring in its economy, adding 76,000 jobs in January, after jobless rate again fall to start the year. \n\n\n  Canada's S&P/TSX Composite Index fell 0.3% to 25454.33 and the blue-chip S&P/TSX 60 declined by 0.4% to 1530.07. \n\n\n  Converge Technology Solutions shares rose 53% to 5.42 Canadian dollars ($3.79) after the Canadian tech company said it agreed to be acquired in a deal with an enterprise value of about C$1.3 billion by an affiliate of Florida-based H.I.G. 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