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Canadian satellite developer MDA Space (MDA) is positioning itself for expansion after raising $300 million in its US initial public offering, with the proceeds
By Adriano Marchese Toronto-listed stocks fell thanks to a broad-based decline among most Canadian sectors. aAdsList.push('Article'); aAdsListSize.push([300, 250]); aAdsListCA.push(null); Consumer services stocks were the top decliners on Thursday, followed by commercial services and retail. On the gainers' side, tech, producer manufacturing and materials stocks led the way. Canada's S&P/TSX Composite Index fell by 0.5% to 27778.29 and the blue-chip S&P/TSX 60 was 0.7% lower at 1651.96. Shares of Restaurant Brands International, which houses the Tim Hortons and Burger King brands, fell by 3.8% to 90.77 Canadian dollars ($66.06) after reporting lower second-quarter profit due to higher commodity costs and restaurant expenses. Tim Hortons and Burger King saw comparable sales growth, which offset declines seen in Popeyes and Firehouse Subs. Other market movers: Shares of Canadian Tire retreated by 8.5% to C$169.34 after reporting that second-quarter revenue rose, fueled by strong seasonal demand. But profit declined as the Canadian retailer absorbed costs from its ongoing transformation plan and the sale of one of its brands. Quebecor shares fell by 4.3% to C$36.92 after it reported a dip in revenue despite the Canadian media and telecommunications company continuing to add mobile customers. Shares in MDA Space rose by 1.8% to C$47.00 and narrowed its expectations for the full year and offered a third-quarter outlook which came just shy of expectations after generating higher profit and revenue in the second. Stella-Jones's stock declined by 5.1% to C$74.50 a share after it lowered its 2025 sales projects citing macroeconomic challenges, and second-quarter sales sputtered. Bombardier said it plans to expand its operations in the U.S. to meet growing demand from customers south of the border. Shares rose 1.7% to C$167.36. ATS shares declined by 6.4% to C$39.93 after the Canadian factory automation systems company reported a decline in profit and orders for the first quarter which outweighed better-than-expected revenue results. Write to Adriano Marchese at adriano.marchese@wsj.com (END) Dow Jones Newswires 08-07-25 1250ET
Mkango Resources Ltd (AIM:MKA, TSX-V:MKA, OTC:MKNGF) soared more than 40% as it confirmed the Government of Malawi had signed a mining development agreement (MDA (TSX:MDA)) for its Songwe Hill rare earths project. The signing ceremony was held at the Office of the President and Cabinet in Lilongwe, Malawi on the evening of Friday 26 July 2024.