Toronto Stocks Slide With Global Markets; Colliers International Falls on Guidance Cut

By Adriano Marchese

Stocks trading in Toronto were sharply lower Tuesday, in sympathy with U.S. indexes, as markets await Wednesday's U.S. Federal Reserve decision on rate policy. In the session, only the materials sector was posting gains, while all other sectors were in the red, with the declines led by energy, consumer durables and consumer discretionary.

Canada's S&P/TSX Composite Index was down 1.30% to 20347.44 and the blue-chip S&P/TSX 60 fell by 1.33% to 1227.86.

Colliers International Group's shares fell nearly 10% to 128.15 Canadian dollars ($94.61) after the Canadian real-estate-services and investment-management company lowered its financial guidance for the year as it contends with interest rate volatility and tightening debt availability, made worse by the U.S. banking crisis.

Other market movers:

Shares of BlackBerry were 8% higher at C$5.68 after the Waterloo, Ontario-based cybersecurity company said it will consider the separation of its businesses as part of a strategic review.

Agnico Eagle Mines shares climbed 2.9% to C$77.96 after announcing plans to renew its share-repurchase program to buy back up to 5% of the company's issued and outstanding common shares over the course of a year.

Givex shares fell by 9% to C$0.46 after reporting lowered first-quarter adjusted earnings as payroll expenses continued to take a chunk out of profit.

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

(END) Dow Jones Newswires

May 02, 2023 12:27 ET (16:27 GMT)

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