Toronto Stocks Retreat; Fission Uranium Slides on C$75 Million Financing Agreement

By Adriano Marchese

Toronto-listed stocks were sharply lower Monday morning, starting the week on the back foot in lock-step with other global markets. On the macro front, Canada's official international reserves decreased by $1.98 billion last month, while the country's services economy remained in a downturn to start the new year, though the overall pace of contraction slowed.

All but the tech sector were in red territory mid-session, with process industries, materials and utilities the main laggards.

Canada's S&P/TSX Composite Index was down 1.02% to 20869.13 and the blue-chip S&P/TSX 60 fell by 0.97% to 1249.17.

Shares in Fission Uranium fell by nearly 11% to 1.16 Canadian dollars (86 cents) after the company said it intends to raise C$75 million Canadian in a bought-deal financing agreement. The new money is expected to be used to fund the development of its project in the province of Saskatchewan.

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

(END) Dow Jones Newswires

February 05, 2024 12:17 ET (17:17 GMT)

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