In midday trading on Thursday, stocks in Toronto experienced a retreat after initially pushing higher earlier in the shortened week. The majority of sectors were in the red, with materials, tech, and consumer services leading the decline. However, consumer durables managed to make gains, followed by health tech and energy.
At midday, Canada's S&P/TSX Composite Index was down 0.54% at 19,557.25, while the blue-chip S&P/TSX 60 fell by 0.44% to 1,175.95.
Earthworks Industries saw a notable increase in their shares, rising by 25% to 20 Canadian cents (15 cents). This surge came after the company announced an amendment to a debt settlement agreement, extending the buyout payment date to mid-April instead of the previously scheduled late October.
Among other market movers:
K92 Mining experienced a 5.3% decrease in shares, falling to C$5.23. The third-quarter production of 26,225 gold-equivalent ounces fell short of forecasts due to a lower-than-expected grade, which offset a strong mill performance. As a result, the company adjusted its full-year guidance to 111,000 to 116,000 ounces from the previous range of 120,000 to 140,000 ounces.
Laurentian Bank of Canada announced that Sebastien Belair has been appointed as the chief operating officer and will take on an expanded role within the company. This change comes as the new head of the bank, Eric Provost, aims to focus on enhancing client experience and rebuilding the bank's reputation. Shares of Laurentian Bank were down 1.2% at C$27.36.
Overall, despite the initial push higher, the stock market in Toronto faced a retreat in midday trading.