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Toronto Stocks Slide; Air Canada Improves Delay Times, Cancellations

By Adriano Marchese

 

Stocks in Toronto were lower mid-trading Wednesday, with a mixed bag performance from Canadian sectors. Primary gains in the energy and utilities sectors were offset by losses mainly in materials, tech services and electronic technology. Air Canada has been improving its service, reducing the number of delays and flight cancellations since late June as demand outpaced capacity which forced the airline to reduce its services.

Canada's S&P/TSX Composite Index was down 0.50% to 20168.04 and the blue-chip S&P/TSX 60 fell by 0.42% to 1220.65.

Air Canada said that in the week of Aug. 8, there were 1,160 fewer flights that were delayed longer than one hour compared with the week of June 27, it said, a 48% reduction while delay duration also is shortening, with the average arrival delay shortening to 12 minutes from 28 minutes additional minutes compared with delays in the respective periods in 2019. Shares are down 2.3% to C$19.27.

 

Other market movers:

Shares of Northwest Healthcare Properties Real Estate Investment Trust were down 1.1% at C$13.01 after it said it increased its public offering of convertible debentures, less than 24 hours after announcing the bought deal.

Altius Minerals Corp. said it has renewed its one-year share-repurchase program to buy back up to 3.56% of its issued and outstanding shares. Shares were down 2.7% at C$17.80.

 

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

 

(END) Dow Jones Newswires

August 17, 2022 12:14 ET (16:14 GMT)

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