Toronto Stocks Slide, Gildan Activewear Falls on Ousting of Long-Time CEO

By Adriano Marchese

Stocks in Toronto were slightly lower.

Most sectors were trending lower Monday. Consumer discretionary, materials and process industries stocks led the decline, while only tech posted gains.

Canada's S&P/TSX Composite Index was 0.28% lower at 20273.92. The blue-chip S&P/TSX 60 fell by 0.13% to 1224.50.

Gildan Activewear shares fell by 10% to 44.64 Canadian dollars ($32.86) after the company said that it has appointed Vince Tyra to the role of chief executive, replacing long-time head Glenn Chamandy. In a separate statement, Chamandy, who cofounded the company with his brother, said his contract was terminated without cause because of differing views on the company's direction.

Other market movers:

Shares of Secure Energy Services were 7.8% higher at C$8.48 after it agreed to sell 30 energy waste treatment and disposal facilities to Waste Connections for C$1.08 billion. Shares of Waste Connections were up as well, rising 1.6% to C$191.01.

Manulife Financial shares rose by 2.2% to C$27.67 after it said it agreed to a C$13 billion reinsurance deal with Global Atlantic, reinsuring four blocks of legacy and low return-on-equity business.

ADF Group shares were higher by nearly 16% to C$6.81 after the company said it has secured new orders valued at C$234 million in the U.S. and Canada.

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

(END) Dow Jones Newswires

December 11, 2023 12:24 ET (17:24 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.