Toronto Stock Slide; Bitfarms Shares Rise on Strong Q4 Revenue and Earnings
By Adriano Marchese
Canadian stocks fell at midday on Monday, led mainly by losses in the process industries and energy sectors. Meanwhile, stocks of utilities, technology services and business services posted gains during the session. Shares of Bitfarms Ltd. rose after the company announced a significant increase in revenue and said it had made a profit in the fourth quarter.
By noon, Canada’s S&P/TSX Composite Index fell 0.37% to 21923.10, and the blue-chip S&P/TSX 60 was down 0.27% to 1327.17.
Shares of Bitfarms Ltd., a cryptocurrency mining company, rose 12% to C$5.22 after reporting net profit rose to $9.68 million from a loss of 5, $37 million a year earlier on revenue of $59.6 million, down from $11.3 million.
Other market drivers:
Vermilion Energy Inc. will acquire oil and natural gas exploration and development company Leucrotta Exploration Inc. for C$477 million, or the equivalent of US$382.3 million. Vermilion shares fell 5.5% to C$27.59, while shares of Leucrotta climbed 50% to C$1.95.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswire
March 28, 2022 12:11 p.m. ET (4:11 p.m. GMT)
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