Toronto Stocks Flat After Tuesday's Decline; Loblaw Shares Slide as 1Q Profit Falls, Revenue Misses
By Adriano Marchese
Toronto-listed stocks were relatively flat at midday Wednesday after a hefty broad-based retreat on Tuesday as investors brace for an expected interest rate increase from the U.S. Federal Reserve later in the afternoon. Sector performance in Canada was mixed, with losses in retail, consumer durables and energy offsetting gains primarily in tech, health services and utilities.
Canada's S&P/TSX Composite Index was down 0.04% at 20400.17 and the blue-chip S&P/TSX 60 was down by 0.02% at 1230.77.
Loblaw shares lost ground, declining 2.4% to 125.63 Canadian dollars ($92.19) after the grocery and pharmacy retailer reported a lower first-quarter profit, as well as revenue growth that missed analysts' forecasts.
Other market movers:
Aritzia shares tumbled over 21% to C$34.01 after the Canadian women's fashion brand warned of near-term margin pressure and moderating sales growth in the year ahead.
Sernova's shares rallied Wednesday after the biotechnology company entered a preclinical research collaboration with AstraZeneca to evaluate the use of its Cell Pouch System in combination with AstraZeneca's novel therapeutic cells.
Fortis (Canada) shares were 1.6% higher at C$60.54 after reporting better-than-expected profit growth in the first quarter. The electric utility holding company benefited from improved performance at its U.S. businesses and a stronger U.S. dollar conversion.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
May 03, 2023 12:16 ET (16:16 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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