By Adriano Marchese

Toronto indexes were slightly higher at midday Friday, boosted primarily by tech and utilities.

Most sectors were in the red at noon, however, with the biggest laggards in the consumer durables, distribution services and health tech sectors.

On the macroeconomic front, the Canadian economy contracted by 0.2% in November, the first time in about two years, due to drags in activity caused by work stoppages and a pullback in the energy and mining industries. However, according to early estimates, the trend suggests growth could be picking up again in December.

Canada's S&P/TSX Composite Index edged 0.2% higher, to 25858.49, and the blue-chip S&P/TSX 60 rose by 0.2%, to 1559.73.

Supporting the tech-sector rise is Celestica, whose shares traded 12% higher, at C$185.63 (US$128.09), after CIBC analysts raised targets for the stock on the back of a promising outlook, pushing it beyond the level before the DeepSeek-inspired drop earlier in the week. CIBC rated the stock "outperform," up from "neutral," with a target price of US$150, up from US$68, for shares trading in New York.

Other market movers:

Shares of Brookfield Renewable Partners rose by 6.9%, to C$31.96, after the company logged a narrower-than-expected loss in the fourth quarter and said that it sees strong demand for clean power in 2025 thanks to data center development and electrification initiatives more broadly.

Algonquin Power & Utilities' chief executive, Chris Huskilson, will step down from the head role after a year and a half as the company transitions to a regulated utility business. The company appointed Rod West, a 25-year industry veteran, to succeed Huskilson, effective March 7. Shares traded 5.2% higher, at C$6.58.

Imperial Oil shares fell 3.7%, to C$99.65, after it reported a drop in profit and lower-than-expected revenue in the fourth quarter due to lower crude oil prices. The company also raised its quarterly dividend by 20%.

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

(END) Dow Jones Newswires

January 31, 2025 12:11 ET (17:11 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.