Toronto Stocks Advance; Big Banks Higher

By Robb M. Stewart

 
Stocks in Toronto look set to finish a holiday-shortened week on a positive note, pushing higher in midday trading Friday as technology shares helped drive broad gains.
 
The S&P/TSX Composite Index was 0.6% higher, at 19895.66, leaving it down more than 2% for the week. The blue-chip S&P/TSX 60 advanced 0.7%, to 1198.47.
 
 
The country’s big banks were all in positive territory following mixed second-quarter financial results the past couple days, with Bank of Montreal ahead 1%, at 114.18 Canadian dollars (US$83.68) and Royal Bank of Canada up 1%, to C$122.64.
 
 
Other market movers:
 
Pet Valu was down 4.2%, at C$31.89, at midday after certain of the Canadian pet food and supplies company’s shareholders moved to offload about C$150 million worth of stock in a secondary offering.
 
Canadian Western Bank’s shares retreated 5.1%, to C$23.17, as its second-quarter earnings came in below the consensus forecast thanks to lower-than-expected revenue with margin pressure.
 
Tilray Brands was 20% weaker, at C$2.54, after cannabis-lifestyle and consumer packaged goods company priced an offering of US$150 million in unsecured convertible senior notes due 2027.
 
 
Write to Robb M. Stewart at robb.stewart@wsj.com