By Adriano Marchese
Stocks in Toronto were slightly higher at midday on Thursday after closing lower in the previous session in step with U.S. counterparts. In the session, most sectors were trading higher with energy and staples leading the gainers. Stelco Holdings Inc. shares fell sharply after the company said fourth-quarter steel shipments were below guidance and that it expects potentially lower production in the first quarter.
Canada's S&P/TSX Composite Index was up 0.15% at 21070.86 and the blue-chip S&P/TSX 60 rose 0.17% to 1279.90.
Stelco Holdings Inc. shares fell 10% to C$36.14 after it said it shipped around 625,000 net tons of steel in the period, missing its guidance of 675,000 to 680,000 tons. The company said it faced logistic challenges, unplanned outages at its hot strip mill and the emergence of a new Covid-19 variant that weighed on production in the period.
Other market movers:
Lithium South Development Corp. shares rose by 3.6% to C$0.87 after the company announced plans to expand the known resource at its project in Argentina with a new drill program and additional pumping wells.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
01-06-22 1216ET
