Stocks in Toronto Start the Week with Losses
Stocks in Toronto opened the week with losses, dragged down by tech, financial, and energy sectors. Positive results for Restaurant Brands International. Market movers: Pet Valu and Cronos Group.
Stocks in Toronto opened the shorter week on a negative note after the long weekend, following the trend set by global markets. Although some sectors in Canada saw gains, the overall performance was dragged down by the tech, financial, and energy sectors.
The S&P/TSX Composite Index of Canada experienced a 0.59% decline, ending the day at 20,117.13. Similarly, the blue-chip S&P/TSX 60 index was down by 0.57% at 1,204.28.
On a positive note, Restaurant Brands International reported strong sales across all its brands in the second quarter, leading to a 2.5% increase in its shares, reaching 100.82 Canadian dollars ($75.40).
However, not all companies experienced gains. Pet Valu saw a significant drop in its shares, falling by 9.8% to C$27.36, due to a decline in second-quarter profit. Additionally, revenue growth fell short of analyst expectations, impacted by foreign exchange transactions.
Cronos Group also faced challenges, as its shares fell by 4.8% to C$2.36. The Canadian cannabis company announced its intentions to sell its fermentation plant in Manitoba and decided to cease providing revenue guidance due to the unpredictable nature of the market conditions.