Stock Market Update in Toronto

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:

  • 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.

  • 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.

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