Toronto Stocks Fall Back; Shopify Shares Drop on Revenue Outlook

By Adriano Marchese

Toronto-listed stocks were on the retreat mid-trading on Wednesday as most Canadian sectors push the indexes lower.

Consumer durables lost the most in the session, followed by health tech and tech services. Of the few gainers, communications stocks led, followed more distantly by utilities and distribution services.

At midday, Canada's S&P/TSX Composite Index was 0.6% lower, at 22165.77, and the blue-chip S&P/TSX 60 fell by 0.7%, to 1327.61.

Among the losers in tech-services sector, shares of ecommerce platform Shopify were down by 19% in Toronto, to 85.72 Canadian dollars (US$62.44), after the company forecast slower sales growth and narrower margins for its current quarter.

Other market movers:

Stella-Jones's shares rose by 8.3%, to C$78.69, after the pressure-treated-wood-products supplier's quarterly earnings beat expectations.

Lion Electric's shares fell by 6.6% in Toronto, to C$1.34, after the EV producer reported a wider-than-expected loss in the latest quarter after being squeezed by a rise in manufacturing and finance costs.

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

(END) Dow Jones Newswires

May 08, 2024 12:18 ET (16:18 GMT)

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