By Robb M. Stewart
Stocks in Toronto were weaker in midday trading Monday, tracking equity markets in the U.S. where recession fears continue to weigh on investors. Broad losses led by process industries, miscellaneous and energy minerals shares more than outweighed gains in the retail trade, technology services and distribution services sectors.
Canada’s S&P/TSX Composite Index was down 0.8% at 19293.54 and the blue-chip S&P/TSX 60 was 0.6% lower at 1165.71.
Shares of big banks were mainly weaker, with Canadian Imperial Bank of Commerce down 1.2% at 54.78 Canadian dollars ($39.98) and Bank of Nova Scotia down 0.7% at C$64.77.
Shares of Cronos Group Inc. declined 5.1% to C$3.71, for a drop of just over 25% in 2022, after the Canadian cannabis company said it was notified that a unit of U.S. tobacco company Altria Group Inc. had abandoned a warrant that would have allowed it to boost its stake in Cronos to as much as 52% from 41%.
Other market movers:
Shares of Dye & Durham Ltd. were 14% higher at C$13.74 after the Canadian legal practice-management software company said it expected to buy back for cancellation the full C$150 million in 10.3 million common shares it was targeting under a substantial issuer bid.
The company said it also bought and canceled 2.8 million of its common shares under a normal course issuer bid for C$46.2 million during the second quarter of the fiscal year ending June 30.
Write to Robb M. Stewart at [email protected]
