Stocks in Toronto Drop as Wholesale Sales Remain Flat
Statistics Canada has released advance results of wholesale sales for September in Canada, indicating no growth in the sector. As a result, stocks in Toronto are firmly in the red territory during midday trading on Friday.
Sector Performance
The performance of different sectors shows a mixed trend. Utilities, communications, and consumer durables are leading the downward movement, while tech, process industries, and tech-services stocks are experiencing gains.
Index Performance
Canada's S&P/TSX Composite Index is down by 0.40% to 18800.17, while the blue-chip S&P/TSX 60 has fallen by 0.47% to 1129.07. Year-to-date, both indexes have experienced significant declines, with the S&P/TSX Composite Index down 3.00% and the S&P/TSX 60 down 3.41%.
Notable Market Movements
Corus Entertainment shares have dropped nearly 29% to 65 Canadian cents (47 cents). The Canadian mass media company has announced the suspension of its dividend due to softer demand for advertising.
Imperial Oil shares have declined by 1.4% to C$80.17 after reporting a decrease in third-quarter profit. The company attributes this decline to softer commodity prices that have put additional pressure on revenue.
Eldorado Gold shares, on the other hand, have risen by 8.4% to C$14.82. The Canadian miner has managed to narrow its loss in the latest quarter through higher revenue from increased sales volumes and a higher gold price.
Laurion Mineral Exploration shares are down by 4.9% to C$0.49. The company plans to raise approximately C$2.7 million through a private placement to finance its flagship gold and polymetallic project in Ontario.
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