Toronto Stocks Marginally Advance as Altius Minerals Reports Stronger Revenue

Published March 12, 2024

Toronto's stock market saw a modest rise on Tuesday, as investors processed the latest inflation numbers from the United States revealing a 3.2% uptick which was somewhat above what many had predicted.

Market Indexes Show Slight Gains

The S&P/TSX Composite Index, a benchmark for Canadian stocks, notched upwards by 0.22%, closing at 21,816.79. Meanwhile, the S&P/TSX 60, which tracks the performance of 60 large companies listed on the Toronto Stock Exchange, also gained 0.30%, ending the day at 1,317.79.

Looking across the various sectors of the market, the picture was a mixed one. Technology companies led the gains, followed by healthcare and consumer businesses. On the other hand, utility firms, materials, and producer manufacturing sectors fell behind.

Altius Minerals Surprises With Revenue Beat

One standout performance came from Altius Minerals. The company's stock increased by 7.3%, reaching a price of 20.57 Canadian dollars, equivalent to about 15.25 US dollars. The increase came after an announcement that their royalty revenues for the fourth quarter were not as high as hoped, yet they still surpassed expectations. Altius Minerals also shared a positive outlook, expecting growth to accelerate on the back of new developments in their portfolio.

On the other side, Eupraxia Pharmaceuticals saw its stock plummet by 30%, landing at C$4.12 after initiating a C$30 million public share offering. STEP Energy Services also faced a downturn, with shares dropping 16% to C$3.60 following a report of a fourth-quarter loss attributed to lower fracturing activity and pricing pressures.

Stocks, Economy, Investment