By Adriano Marchese
The Canadian stock market experienced a slight decline in midday Friday trading. The S&P/TSX Composite Index is currently on track for a roughly 1% decline after a strong 5.8% rally the previous week. Although sector performance was mixed, there were gains primarily in the tech, energy, and industrial services sectors. However, these gains were offset by declines in consumer discretionary, health tech, and materials.
Market Overview
- The S&P/TSX Composite Index is down 0.02% at 19582.76.
- The blue-chip S&P/TSX 60 fell by 0.08% to 1179.64.
Market Movers
Some notable market movers include:
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AtkinsRealis: Shares of AtkinsRealis, the name SNC-Lavalin Group is adopting, rose 4.4% to 42.21 Canadian dollars ($30.57). This increase was a result of the company reporting higher third-quarter profit, boosted by a disposal and better-than-expected revenue.
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Aurora Cannabis: Aurora Cannabis shares were 4.9% higher at C$0.64. The Canadian cannabis company cited stronger medical cannabis sales, which supported better-than-expected revenue and adjusted earnings growth in its second fiscal quarter.
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Saputo: Saputo’s shares fell by 6.9% to C$27.04 after the dairy company issued a cautious outlook following weaker sales in the recent quarter.
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Stantec: Stantec’s shares rose by 7.5% to C$93.70. The engineering company lifted its guidance for the year following stronger-than-expected earnings for the third quarter, driven by continued strong demand, particularly in the U.S. and Canada.
In conclusion, the Canadian stock market experienced a slight dip in midday Friday trading, with sector performance varying. However, there were notable gains in tech, energy, and industrial services sectors, while consumer discretionary, health tech, and materials experienced declines. The market was influenced by the performance of companies such as AtkinsRealis, Aurora Cannabis, Saputo, and Stantec.
