By Adriano Marchese
Toronto-listed stocks began the week with significant losses, pushing Canadian benchmarks further into negative territory for the year.
The S&P Global Canada manufacturing purchasing managers index dropped to 47.5 in September, down from 48.0 in the previous month, indicating an ongoing contraction as the metric falls below the 50 threshold.
Market Decline
Canada’s S&P/TSX Composite Index fell by 1.47% to 19,253.07, while the blue-chip S&P/TSX 60 dropped by 1.43% to 1,155.82. Most sectors experienced lower trading, with health services, materials, and utilities leading the decline. The only sector to show gains so far is consumer durables.
Laurentian Bank of Canada
Shares of Laurentian Bank of Canada plummeted by 4.6% to CAD 28.89 (USD 21.31) following the departure of Chief Executive Rania Llewellyn and Chair Michael Mueller in response to a network outage that disrupted online banking services.
Noteworthy Market Movements
- HealWell AI (formerly MCI Onehealth Technologies) saw its shares surge by nearly 35% to CAD 0.74 after finalizing a deal with WELL Health Technologies, which addressed liquidity and balance sheet concerns.
- Global Atomic finalized a letter of intent for uranium sales from its Dasa project in Niger. The deal will bring contracted volumes to nearly 1.5 million pounds per year over the initial five years of operation. However, the company’s shares dropped by 6.6% to CAD 2.13.
- LXRandCo warned of potential liquidity issues in Q4 due to declining consumer spending trends. At midday, shares remained flat at CAD 0.02 after reaching a low of CAD 0.01.
