Toronto Stocks Slide Along With U.S. Markets; Canopy Growth Tumbles as 4Q Misses Views

By Adriano Marchese

Toronto stocks were down mid-trading on Friday in lockstep with U.S. markets, and with the S&P/TSX Composite Index on track for a 2% weekly decline. Only Canada's consumer durables and communications sectors were posting gains, while tech was the outsized laggard, followed by process industries and producer manufacturing.

Canada's S&P/TSX Composite Index slid 0.68% to 19448.41 while the blue-chip S&P/TSX 60 fell by 0.62% to 1172.15.

Shares of Canopy Growth were over 10% lower at 69 Canadian cents (52 cents) after the cannabis company reported a wider loss and a decline in revenue in its fiscal fourth quarter late Thursday. Loss widened to C$640.1 million, or C$1.28 a share, for the three months ended March 31, from a loss of C$582.5 million, or C$1.48 Canadian a share, a year earlier. Analysts polled by FactSet expected a loss of 21 Canadian cents a share. Revenue declined to C$87.5 million from C$101.8 million.

Other market movers:

Stillwater Critical Minerals's shares jumped 21% to C$0.20 after the minerals explorer struck a deal to sell an almost 10% stake of the company for C$4.9 million to Swiss mining and trading giant Glencore.

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

(END) Dow Jones Newswires

June 23, 2023 12:22 ET (16:22 GMT)

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