Toronto Stocks Slide; Loblaw Shares Up on 1Q Profit Beat

By Adriano Marchese

Toronto stocks were modestly lower at midday on Wednesday.

Canadian manufacturing activity deteriorated slightly last month, falling to 49.4 in April from 49.8 in March. The drop was due to a slight drop in production as new orders declined.

Mid-trading, Canada's S&P/TSX Composite Index was down 0.2%, to 21665.37, and the blue-chip S&P/TSX 60 fell by 0.2%, to 1298.37.

Sector performance was mixed in the session, with the biggest losses logged in the process industry and energy sectors. On the gainers' side, tech, utilities and health tech performed the best.

Loblaw shares were 1% higher, at 152.52 Canadian dollars (US$110.68), after reporting profit that rose more than expected in the first quarter thanks to higher sales at the company's food-retail business.

Other market movers:

Shares of Barrick Gold were 1.5% lower in Toronto, at C$22.53, after reporting revenue of US$2.75 billion, shy of analyst expectations of US$2.77 billion. Barrick's production of the precious metal in the quarter was down by 12,000 ounces compared with a year ago, at 940,000 ounces, due in part to planned maintenance at its Nevada gold mines.

Bausch + Lomb fell by 2.3%, to C$19.47, after reporting its loss in the first quarter widened with a rise in interest expenses and provisions for taxes, offsetting increased product sales.

Bombardier revealed NetJets is the buyer of 12 of its aircraft, extending its relationship with the private-jet operator owned by Warren Buffett's Berkshire Hathaway. Shares were 6.3% higher, at C$66.68.

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

(END) Dow Jones Newswires

May 01, 2024 12:28 ET (16:28 GMT)

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