Toronto Stocks Drop Amid U.S. Credit-Rating Downgrade; Cameco Shares Down
By Adriano Marchese
Stocks in Canada were sharply lower mid-trading on Wednesday, in lockstep with other global markets largely reacting to a surprise U.S. credit rating downgraded to AA+ from AAA by Fitch.
The retreat of the session was broad-based, with tech services, materials and producer manufacturing stocks leading the decline. Only process industries posted gains, though minor, in session.
At midday, Canada's S&P/TSX Composite Index retreated 1.65%, to 20193.33. The blue-chip S&P/TSX 60 tumbled 1.67%, to 1211.02.
Shares of Canadian uranium producer Cameco were 7.7% lower, at 42.37 Canadian dollars (US$31.90), after the company logged an 83% decline in profit in the second quarter due largely to a C$44 million foreign-exchange loss on its U.S. cash balances.
Other market movers:
Thomson Reuters shares rose by 3%, to C$184.72, after it said it swung to a profit in the second quarter, boosted by the sale of business-management solutions business Elite and a rise in revenue.
Colliers International's shares rose by 6%, to C$141.98, after the Canadian professional-services and investment-management company stuck with its guidance for the year despite swinging to a loss in the recent quarter.
Bausch + Lomb's stock was down 2.1% a share, at C$25.23, after reporting that it swung to a loss in the second quarter--despite revenue growth beating expectations--due largely to higher costs in the period.
EQB's shares climbed 4.9%, to C$81.35, after the parent of Canada's Equitable Bank boosted its earnings forecast for the year and lifted its quarterly dividend almost 3% following a jump in profit in the second quarter.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
August 02, 2023 12:20 ET (16:20 GMT)
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