Toronto Stock Market Witnesses Marginal Gains; Metro Inc. Stock Climbs After Announcing Share Buyback

On Wednesday, preceding the Thanksgiving holiday in the United States, the Canadian stock market saw a modest increase. The gains were majorly led by sectors such as retail trade, consumer discretionary, and transportation. Conversely, sectors including energy and process industries experienced the sharpest declines.

Metro Inc. Shares Jump Following Buyback Announcement

The spotlight turned to Metro Inc., a well-known grocery store chain, whose stock rose by 3.1% to reach a value of 71.13 Canadian dollars. This uptick occurred after the company announced its intention to renew its stock repurchase program. Metro plans to reacquire 3.06% of its public shares over the course of the coming year, reflecting a confident outlook from the company's management towards its financial health and stock value.

Indices Performance

The broader Canadian S&P/TSX Composite Index marginally ascended by 0.05%, closing at 20120.57, while the S&P/TSX 60 Index, which tracks the performance of blue-chip stocks, edged up by 0.01%, settling at 1212.86.

Notable Market Movers

Among other significant movers in the market was SNC-Lavalin Group, an engineering and construction company that saw its shares increase by 1.1% to C$43.47. This jump came after the company, soon to be known as AtkinsRealis, announced a sizeable $30 million contract with the Florida Department of Transportation for consulting services. On the flip side, Cineplex, a Canadian entertainment company, witnessed its share price drop by 1.3% to C$8.87 on the news of its plan to sell its amusement solutions division to OpenGate Capital for C$155 million.

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