Toronto Stocks Rise on Positive Macro Momentum; Hut 8 Mining Jumps

By Adriano Marchese

Stocks in Toronto advanced in midday trading on Thursday continuing its momentum from the previous day, which was buoyed by softer-than-expected U.S. CPI report for the month of July. Only commercial services, consumer durables and materials were posting declines while health tech, energy and producer manufacturing led the gainers. Hut 8 Mining Corp. shares climbed after the Canadian digital currency miner reported higher revenue in its second quarter and said it’s mining more bitcoin than a year ago.

Canada’s S&P/TSX Composite Index rose by 0.67% to 20019.95 and the blue-chip S&P/TSX 60 was also 0.67% higher at 1208.32.

Hut 8 Mining Corp. shares rose by nearly 14% to C$3.95 after reporting revenue of 43.8 million Canadian dollars, the equivalent of US$34.3 million, up from C$33.5 million a year ago, and said it mined 946 bitcoin in the quarter, 71% more than it did a year ago.

Other market movers:

Shares in Canada Goose Holdings Inc. rose by 2.8% to C$28.42 the company reported a narrower-than-expected loss and revenue growth in the first quarter and said it expects higher growth in the second quarter.

Pollard Banknote Ltd. shares were C$5.1% higher at C$22.76 on news that it has won a contract to provide scratch-game-printing and related services to the Minnesota State Lottery worth around $28 million.

Shares in Fuse Cobalt Inc. jumped 10% to C$0.06 after it said it signed an agreement to potentially supply raw cobalt to Electra Battery Materials Corp.

Write to Adriano Marchese at

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