Toronto Stocks Slide as April Inflation Heats Up; IAMGOLD Falls on $400 Million Loan

By Adriano Marchese

Toronto-listed stocks were firmly lower on Tuesday at midday. Inflation in Canada surprised analysts, heating up to 4.4% in April, beating analyst expectation of a slighter rise to 4.2%. April's rise represents the first acceleration since last summer thanks to higher rent prices and mortgage-interest costs. Canadian financials, materials and consumer durables were among the top decliners, while tech was the only sector to post any meaningful gains.

Canada's S&P/TSX Composite Index was down 1.17% to 20299.81 mid-trading while the blue-chip S&P/TSX 60 fell 1.12% to 1225.50.

IAMGOLD shares were down 5.8% at 4.08 Canadian dollars ($3.03) after the miner said it entered into a second lien secured term loan of five years for $400 million to bolster its balance sheet as it builds its Cote Gold Project in northeastern Ontario.

Other market movers:

E Automotive shares were down 3.5% at C$3.30 after the automotive digital auction platform said it picked May 24 as its final day as a publicly traded company.

First Capital Real Estate Investment Trust on Tuesday said it plans to renew its share repurchase program and buy back up to 10% of its trust units over the course of a one-year period. Shares slipped 1.6% lower at C$15.12.

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

(END) Dow Jones Newswires

May 16, 2023 12:24 ET (16:24 GMT)

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