Canadian stocks are advancing at midday

The midday update

February 7, 2017

Canadian stocks are advancing at midday, as gains in the Financials and Industrials sectors offset a decline in the energy sector and after economic data released this morning showed that Canada posted a second consecutive monthly trade surplus. The S&P/TSX Composite is gaining 0.3% at midday.

In corporate news, WestJet Airlines Ltd. (WJA) is falling 2.5% at midday after the company reported earnings that came in above estimates, but posted annual net income for 2016 that fell 19.6% compared to 2015. Toromont Industries Ltd. (TIH) is climbing 4.5% after the company reported earnings after yesterday’s close that were in line with expectations and announced a boost to its quarterly dividend. Shares of Asanko Gold Inc. (AKG) are falling 14% at midday. The company provided a gold mine expansion update yesterday and the stock also received a rating downgrade at Canaccord today.

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