The stock market in Toronto experienced another day of losses as mining and finance stocks weighed down the market, mirroring the weak performance on Wall Street.
At midday, the S&P/TSX Composite Index dropped 0.4% to 20,798.11, while the blue-chip S&P/TSX 60 weakened by 0.3% to 1,257.39. These declines continued from Tuesday following the long weekend. However, the negative impact was partially offset by a rebound in technology stocks and strong performance by energy companies.
Mining stocks also faced a downturn, with Barrick Gold decreasing by 3.2%, Agnico Eagle Mines down by 2.6%, and Teck Resources shedding 0.6%.
Meanwhile, major Canadian bank stocks experienced losses, with Bank of Nova Scotia and Toronto-Dominion Bank both declining by 1%.
Notable Market News:
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Electrovaya, a lithium-ion battery manufacturer, saw its shares surge by 5.9% to C$4.31. The company is optimistic about another year of strong revenue growth due to increasing order backlogs and new products.
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Orea Mining, on the other hand, witnessed a significant drop of 25% to C$0.02 after issuing a warning regarding a delay in filing its audited annual financial statements.
