Toronto Stocks Edge Lower; TD Bank Shares Pull Back on 2Q Profit Decline

By Adriano Marchese

Toronto's indexes were mildly during midday's trading on Thursday, coming down from highs earlier in the morning.

Bank earnings season kicked off with TD Bank posting better-than-expected adjusted figures, stripping out exceptional costs and items. Most sectors were trending lower, led by producer manufacturing health services and utilities stocks. Tech, commercial services and consumer discretionary were the main of the few gainers in the session.

Canada's S&P/TSX Composite Index slipped by 0.1%, to 22315.18, and the blue-chip S&P/TSX 60 fell 0.1%, to 1335.46.

Shares in Toronto-Dominion Bank were 1% lower, at 76.06 Canadian dollars (US$55.54), after reporting a sharp drop in second-quarter earnings. The Canadian lender was squeezed by provisions, restructuring charges and increases in non-interest expenses and credit-loss provisions. Excluding these, adjusted earnings topped expectations for the period.

Other market movers:

Brookfield has the go-ahead from the Toronto Stock Exchange to buy back up to the equivalent of 10% of the public float of its class A shares. Shares were 0.8% higher, at C$61.19.

Lightspeed Commerce shares were higher by 1.3%, to C$20.07, after the e-commerce and point-of-sale company said it partnered with Uber Technologies to integrate Uber Direct and Uber Eats marketplace into its platform.

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

(END) Dow Jones Newswires

May 23, 2024 12:25 ET (16:25 GMT)

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