By Adriano Marchese

Stocks in Toronto were moderately lower at midday on Thursday, in line with global markets that have been down in the morning. In the session, producer manufacturing and transportation were the biggest gainers, offset by Canada's materials and energy sectors, which were the main laggards. Shares of the Nova Scotia-based food retailer, Empire Co., fell after it reported lower-than-expected first-quarter profit as costs increased in the period.

Mid-trading, Canada's S&P/TSX Composite Index was down 0.43% to 19643.87 and the blue-chip S&P/TSX 60 fell by 0.33% to 1187.06.

Empire Co. shares slid 6.5% to C$35.35 after reporting increased selling and administrative expenses in the period with profit falling to 187.5 million Canadian dollars ($142.4 million) from C$188.5 million a year earlier. The company said it continues to experience inflationary pressures, especially related to costs of the goods it sells but also fuel.

Other market movers:

Air Canada agreed to buy 30 electric hybrid aircraft from Heart Aerospace and will also purchase a stake in the Swedish electric airplane maker. Shares gained 3% to C$19.29.

Shares in High Tide Inc. rose by 5.3% at C$2.00 after the company reported revenue nearly doubled in its third quarter, better than analysts forecasted.

Newmont Corp.'s Toronto-listed shares dipped 1.5% to C$55.64 after it said it will delay its investment decision for a sulfide project in Peru to the second half of 2024 following a review of the scope and schedule.

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

(END) Dow Jones Newswires

September 15, 2022 12:24 ET (16:24 GMT)

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