Toronto Stocks Decline; Titan Medical Falls on IP-Licensing Transition
By Adriano Marchese
Toronto-listed stocks fell on Tuesday, which put them in lockstep with U.S. markets that resumed trading after the Juneteenth holiday long weekend.
In midday trading, the S&P/TSX Composite Index was down 0.84% to 19765.84, while the blue-chip S&P/TSX 60 fell 0.81% to 1189.70.
Canada's Office of the Superintendent of Financial Institutions raised the domestic stability buffer for the country's major banks, requiring them to increase the amount of liquid assets they keep on their balance sheets so they can remain stable in times difficulty. That sent financial stocks lower, while process industries and consumer durables also lagged. Healthcare technology led the few gainers, followed by consumer services and retail.
Bucking the positive trend in healthcare stocks was Titan Medical, down nearly 11% to 17 Canadian cents (13 U.S. cents), after the company said it would seek to generate revenue by licensing its existing patent portfolio following a strategic review that failed to attract any bids for the company.
Other market movers:
Odd Burger shares were up 20% to C$0.21 after the vegan fast-food restaurant chain said it signed an area representative agreement that will see the development of 20 new locations in the state of Washington, the company's first foray into the U.S. market.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
June 20, 2023 12:38 ET (16:38 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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