Toronto Stocks Decline; Cargojet Falls on 4Q Loss, Revenue Misses

By Adriano Marchese

Toronto-listed stocks started the week on the back foot in midday trading on Monday. An advance estimate pointed to a recovery in Canadian factory trade in January, led by sales of transportation equipment and machinery. Investors are also awaiting Thursday's release of Canada's GDP numbers, with economists forecasting a slight gain in the period.

Most sectors were pointing down in the session, led by materials, utilities and health tech. Only health services posted any gains of note, followed by small gains in tech, and tech services.

At midday, Canada's S&P/TSX Composite Index was down 0.33% to 21342.76 and the blue-chip S&P/TSX 60 fell by 0.30% to 1290.76.

Cargojet shares were 2.7% lower at 113.86 Canadian dollars ($84.25) after reporting a loss and lower than expected revenue in the fourth quarter, capping off what its executives called a transitional year.

Other market movers:

Orla Mining were down 6.5% to C$4.59 after it said it agreed to acquire all shares of Contact Gold for a total purchase price of $8.1 million, expanding its footprint in Nevada. Contact Gold shares jumped 83% on the news, up to C$0.03. Fairfax Financial Holdings also increased its stake in Orla Mining by 0.25% for C$3.9 million.

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

(END) Dow Jones Newswires

February 26, 2024 12:25 ET (17:25 GMT)

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