Toronto Stocks Slide; Boralex Rises on 2Q Earnings Beat Estimates

By Adriano Marchese

Stocks in Toronto started the week down with most sectors trending lower. Consumer services, process industries and materials were the main laggards, with health services, technology and utilities among the few gainers.

Canada's S&P/TSX Composite Index was down 0.44% to 20318.21 and the blue-chip S&P/TSX 60 fell by 0.47% to 1217.82.

Boralex's shares climbed nearly 11% to 33.18 Canadian dollars ($24.68) after the renewable energy producer reported stronger-than-expected earnings in the second quarter, as high electricity prices in France offset unfavorable weather conditions in North America.

Other market movers:

Shares of Premium Brands Holdings were down 1.3% to C$111.29 after they reported a decline in second-quarter profit, even as revenue hit a record high. Revenue rose 7.3% to C$1.63 billion, but was shy of analyst forecasts of C$1.65 billion, while earnings fell to C$33.9 million from C$63.3 million.

Hut 8 Mining's shares declined 7.5% to C$3.68 after revenue in the second quarter dropped, as the cost and difficulty of mining bitcoin continued to rise.

DRI Healthcare Trust rose after the company said it acquired a second royalty interest in Radius Pharmaceuticals' selective estrogen receptor degrader drug for $130 million. The shares were up 2.3% to C$12.28.

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

(END) Dow Jones Newswires

August 14, 2023 12:32 ET (16:32 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.