The Toronto stock market saw a mild rebound in midday trading on Friday, bouncing back from the previous day's sharp decline. Sales in Canada increased by 0.3% to a seasonally adjusted 66.15 billion Canadian dollars ($49.06 billion), slightly below the initial estimate of 0.4% by Statistics Canada. Despite this, most sectors experienced gains, with technology, consumer durables, and health services leading the way. Health technology, consumer discretionary, and process industries were the underperformers.
At midday, Canada's S&P/TSX Composite Index rose 0.34% to 19859.41, while the S&P/TSX 60, consisting of blue-chip stocks, climbed 0.3% to 1191.00.
ATS Announces Acquisition Plans
ATS, a Canadian company, saw its shares increase by 1.8% to C$58.59 following the announcement of its acquisition plans. The company intends to purchase Avidity Science for $195 million. Avidity Science is a U.S.-based manufacturer of automated water purification solutions for biomedical and life science applications.
Other Significant Market Movements
West Fraser Timber has agreed to sell two of its pulp mills in British Columbia and Alberta for $120 million to Atlas Holdings, a U.S.-based company. This move allows West Fraser Timber to focus more on its wood building products. Currently, its shares are down 0.4% at C$95.21.
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