Toronto Stocks Retreat; Canopy Growth Shares Fall on $50 Million Private Placement Plan

By Adriano Marchese

Stocks in Toronto were trading firmly lower Monday at midday. Canada's Deputy Prime Minister Chrystia Freeland said over the weekend that the country's housing crisis is still a way's away from being resolved. She said that the federal government will remove the 5% consumption tax on the building of new rental apartment buildings.

Consumer services, tech and distribution services stocks were the leaders of the few gainers in the session, offset primarily by a retreat in process industries stocks, as well as producer manufacturing and tech services.

Canada's S&P/TSX Composite Index slipped by 0.67% to 20483.53. The blue-chip S&P/TSX 60 was down 0.80% at 1228.45.

Canopy Growth shares fell by about 15% to 1.58 Canadian dollars ($1.17) after the company said that it is looking to raise $50 million with private investors to strengthen its balance sheet.

Other market movers:

Hut 8 Mining shares were 5.1% higher at C$2.99 after the company said that it has received the final court approval in British Columbia required to complete its merger with U.S. Data Mining Group.

Shares of Indigo Books & Music rose 18% to C$1.59 after the company said that its founder Heather Reisman will return to lead the company as one of a number of changes from a board reshuffle.

Intouch Insight shares rose 8.1% to C$0.40 after it said it will acquire Brand Equity Builders for $3.13 million.

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

(END) Dow Jones Newswires

September 18, 2023 12:11 ET (16:11 GMT)

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