Toronto Stocks Fall Again; Lightspeed Up on Narrower 1Q Loss, Revenue Growth Outlook

By Adriano Marchese

Stocks in Toronto resumed their downward trend and fell in midday trading on Thursday, building on the sharp decline seen in the previous session. Stocks in the technology sector were the major laggards, followed by consumer services and consumer discretionary shares. This was partially offset by outsize gains in consumer durables, health technology and energy.

At midday, Canada's S&P/TSX Composite Index retreated by 0.46% to 20126.13. The blue-chip S&P/TSX 60 fell by 0.54% to 1205.18.

Lightspeed Commerce shares bucked the trend in technology by rising 5.4% to 22.79 Canadian dollars ($17.07) after it reported a narrower loss in its fiscal first quarter thanks to higher transaction volume and better-than-expected revenue growth. The company said it expects higher revenue in its second quarter.

Other market movers:

SNC-Lavalin Group's shares rose 6.8% to C$40.45 after the project-management and professional-services company reported a sharp rise in second-quarter earnings thanks to strong demand, and said its order backlog remained solid.

Shares of Ballard Power Systems advanced 9.1% to C$6.50 after it said a preliminary agreement had been reached with Ford Trucks to supply a fuel cell system for its hydrogen-powered vehicle prototype.

Canada Goose's stock declined 4.4% to C$21.88 after reporting a wider loss in its fiscal first quarter, despite better-than-expected revenue growth driven by higher retail sales in North America and Asia.

Bombardier's stock fell 8.4% to C$61.87 after it reported a narrower loss and revenue that met expectations for the second quarter.

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

(END) Dow Jones Newswires

August 03, 2023 12:40 ET (16:40 GMT)

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