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Toronto Stocks Rise Modestly; Laurentian Bank Shares Fall on Charges

Dow Jones Newswires ·  Nov 24, 2021 01:02

By Adriano Marchese

Shares in Toronto were up slightly on Tuesday at midday, with consumer durables dragging gains in energy in the session. Shares in Laurentian Bank of Canada fell fell after it warned that it expects to book charges that will hit earnings in its fiscal fourth quarter in relation to its strategic review.

Canada's S&P/TSX Composite Index was flat at 21421.31 while the blue-chip S&P/TSX 60 was up 0.20% at 1294.73.

Laurentian Bank of Canada shares fell 4.3% to C$39.55 after it said it expects charges of 163 million Canadian dollars, the equivalent of US$128.3 million. The largest expected charge of C$93 million is in its personal banking segment impairment, with the rest of the charges in the segments of future of work, technology and credit provisions.

Other market movers:

Shares in Lundin Mining Corp. shares fell 4.2% to C$10.25 after the company released its production guidance through 2024, which Scotiabank says was relatively disappointing. The guidance included markedly higher costs in 2022 and lower-than-expected production in 2023-2024, the investment bank says.

George Weston Ltd. shares were up 0.6% to C$139.85 after reporting a fall in profit but a rise in revenue in the third quarter.

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

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