Toronto Stocks Retreat; Canadian Pacific Kansas City Down on 1Q Misses

By Adriano Marchese

Toronto-listed stocks were firmly lower on Wednesday. Retail sales in Canada unexpectedly edged 0.1% lower in February, led by a drop in trade at gas stations and fuel vendors. On the producer side, an early estimate of manufacturing sector sales indicates a fall of 2.8% last month.

Most sectors were posting declines with communications, transportation and producer manufacturing losing the most. Of the few gainers, retail, process industries and distribution services were at the top.

The S&P/TSX Composite Index fell 0.6% to 21871.95 and the blue-chip S&P/TSX 60 was down 0.8% to 1310.89.

Canadian Pacific Kansas City shares were down 5.5% at 113.23 Canadian dollars ($82.88) after the rail operator missed targets for revenue and adjusted earnings in the first quarter.

Other market movers:

Shares in Canadian National Railway fell 4.5% to C$168.91 after reporting lower profit and revenue in the first quarter.

Rogers Communications shares were down 3.5% to C$52.15 after the telecom major reported higher costs dragged on profit, while revenue growth missed targets.

Metro shares were 0.7% higher at C$70.41 after profit came in lower in its fiscal second quarter while revenue was slightly higher than expected. Same-store sales growth declined.

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

(END) Dow Jones Newswires

April 24, 2024 12:18 ET (16:18 GMT)

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