Canadian Stocks Trade Lower Amid Housing Crisis

By Adriano Marchese

Stocks in Toronto were trading firmly lower Monday at midday. Canada's Deputy Prime Minister Chrystia Freeland said over the weekend that the country's housing crisis is still a way's away from being resolved. She said that the federal government will remove the 5% consumption tax on the building of new rental apartment buildings.

Gainers Amidst Decline

Consumer services, tech, and distribution services stocks were the leaders of the few gainers in the session, offset primarily by a retreat in process industries stocks, as well as producer manufacturing and tech services.

Canada's S&P/TSX Composite Index slipped by 0.67% to 20483.53. The blue-chip S&P/TSX 60 was down 0.80% at 1228.45.

Canopy Growth Facing Challenges

Canopy Growth shares fell by about 15% to 1.58 Canadian dollars ($1.17) after the company announced its plans to raise $50 million with private investors to strengthen its balance sheet.

Other Notable Movers

• Hut 8 Mining shares were 5.1% higher at C$2.99 after the company received final court approval in British Columbia for its merger with U.S. Data Mining Group.
• Shares of Indigo Books & Music rose 18% to C$1.59 as the company announced its founder Heather Reisman's return to lead the company as part of a board reshuffle.
• Intouch Insight shares rose 8.1% to C$0.40 as it revealed its plan to acquire Brand Equity Builders for $3.13 million.