Toronto Stocks Inch Higher, BRP Shares Slide as Large Investor Reduces Stake

By Adriano Marchese

Stocks in Toronto were mildly higher before the Bank of Canada's interest-rate decision.

Analysts largely expect the central bank to hold rates steady at 5% on Wednesday.

Most sectors were in positive territory on Tuesday, led by materials, energy and process industries. Consumer durables, tech and producer manufacturing were the main laggards.

Canada's S&P/TSX Composite Index rose by 0.21% to 20969.12, and the blue-chip S&P/TSX 60 edged forward by 0.14% to 1264.01.

BRP shares were down by 5.6% to 88.99 Canadian dollars ($66.01) after the company said that one of its large investors, Bain Capital Integral Investors II, will sell a portion of its holding.

Other market movers:

Shares in IAMGold were over 13% higher at C$3.52 after the miner reported output last year came in at the top end of its target, and the company flagged progress at a new project in Canada.

Nevada Sunrise Metals shares were 60% higher at C$0.08 after it said estimates show the lithium deposits at its mine in Nevada were larger than expected at 1.3 million metric tons, or 7.1 million tons of lithium carbonate equivalent.

Chesswood Group's stock rose by 4.8% to C$8.30 per share after it said it would launch a strategic review that will consider options for the speciality-finance provider, including a potential sale or wind down of portfolios.

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

(END) Dow Jones Newswires

January 23, 2024 12:31 ET (17:31 GMT)

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