By Adriano Marchese
Equities in Canada were solidly higher on Tuesday at noon with no exceptional reason behind the rise. Much attention has been paid to the Canadian dollar which has weakened against the US dollar in recent days. During the session, most sectors were trending higher, led by energy, process industries and materials, while only utilities and technology stocks were negative. Shares of Cargojet Inc. rose after setting targets to nearly double revenue, profit and cash by 2026 from a year ago.
Canada’s S&P/TSX Composite Index was up 0.64% at 18,443.57 mid-trade, while the blue-chip S&P/TSX 60 Index was up 0.56% at 1,120.83 .
Cargojet jumped 6.6% to C$123.50 after saying revenue is expected to be between C$1.3 billion ($946.5 million) and C$1.4 billion from by 2026, compared to C$758 million in 2021. Adjusted EBITDA is expected to reach between C$500 million and C$550 million, compared to C$293 million last year, while adjusted free cash flow are estimated between 320 and 360 million Canadian dollars.
Other market drivers:
The shares of Dye & Durham Ltd. rose 8.1% to C$14.16 after the company announced it would launch a normal course issuer bid for up to 5% of its public float and after reporting earnings higher in the fourth quarter.
The shares of GBLT Corp. rose 5.9% to C$0.09 after announcing the opening of a new UK office from where it plans to expand its presence in greater Europe.
Write to Adriano Marchese at [email protected]