Toronto Stocks Edge Down; Hudbay Minerals Rises on 1Q Earnings Beat

By Adriano Marchese

Stocks listed in Toronto were slightly lower midday Tuesday. Sector performance was mixed, with gains primarily in process industries, consumer discretionary and materials offset by declines largely in utilities, industrial services and distribution services.

In Canada, wholesale trade weakened by 1.1% in March due to lower sales of motor vehicles as several manufacturing plants began retooling work on assembly lines to produce new models.

At midday, Canada's S&P/TSX Composite Index fell 0.1% to 22241.90 and the blue-chip S&P/TSX 60 was 0.2% lower at 1331.15.

Hudbay Minerals' shares were 9.5% higher at 13.16 Canadian dollars ($9.63) with the release of stronger-than-expected earnings in the latest quarter due to an increase in production and increased copper prices.

Other market movers:

Shares of Centerra Gold were 1% higher at C$8.97 after it said production rose for gold and copper from its mines in North America and Turkey in the first quarter, with gold output more than tripling.

OrganiGram Holdings shares were 0.8% higher at C$2.53 reported a wider loss in its second fiscal quarter on the back of fair-value changes on its balance sheet in the quarter.

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

(END) Dow Jones Newswires

May 14, 2024 12:13 ET (16:13 GMT)

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