Toronto Stocks Pare Back; Canopy Growth Slides on $30 Million Fundraise by Private Placement

By Adriano Marchese

Stocks in Toronto were firmly lower Tuesday at midday. Most sectors were in the red in the session, with process industries the outsized laggard, followed by commercial services and utilities. Of the few gainers, health tech and investment trusts were the main leaders.

Canada's S&P/TSX Composite Index were down 0.57% to 20955.03 and the blue-chip S&P/TSX 60 fell by 0.62% to 1266.24.

Canopy Growth shares were lower by 9.2% at 6.12 Canadian dollars ($4.59) after the Canadian cannabis company said it intends to raise $30 million by way of a private placement with certain institutional investors, which it will use to reduce debt.

Other market movers:

K92 Mining's shares rose by 8.9% to C$6.76 after the Canadian miner's production beat its target for 2023, with record output at its Papua New Guinea mine in the final three months.

Endeavour Silver shares were up 3.7% to C$2.52 after it said that fourth-quarter output fell 23%, but in-line with its targets and said that recently-implemented initiatives to improve mine and mill productivity should help improve production.

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

(END) Dow Jones Newswires

January 09, 2024 12:18 ET (17:18 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.