By Adriano Marchese
Canadian stocks resumed their decline on Thursday as investors digested the Bank of Canada's decision on Wednesday to hold its key interest rate at 5% for now.
In midday trading, the S&P/TSX Composite Index retreated 0.28% to 20170.71, and has fallen 1.67% this week. The blue-chip S&P/TSX 60 fell by 0.25% to 1208.81, and for the week has lost 1.8%.
Most sectors were down, with outsized losses seen in consumer durables, technology services and consumer services. Gains were led by the utility, health services and industrial services sectors.
Shares of BlackBerry fell 16% to 6.39 Canadian dollars ($4.69) after the company's preliminary revenue results for the fiscal second-quarter came in below analysts' estimates. The company cited delays in the closing of certain deals.
Other market movers:
BRP Group's shares were down 0.5% to C$101.50, down from a surge earlier in the day, after it reported better-than-expected profit and revenue in the second quarter. The company said revenue won't be as high as previously anticipated for fiscal 2024 due to softening demand in the boat market.
Shares of ADF Group rose 9.4% to C$4.87 after the steel superstructures producer logged strong earnings growth in the latest quarter.
Precision Drilling shares were 1.1% higher at C$92.33 after it said the company would acquire CWC Energy Services in a deal worth about C$141 million in cash and stock.
Write to Adriano Marchese at email@example.com
(END) Dow Jones Newswires
September 07, 2023 12:42 ET (16:42 GMT)Copyright (c) 2023 Dow Jones & Company, Inc.