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By Adriano Marchese
Toronto stocks continued their decline Tuesday in midday trading with most sectors pulling down the S&P/TSX Composite Index by 165.32 points. In the session, Canadian energy was the only sector in the green, while consumer durables, electronic tech and producer manufacturing led the declines. Air Canada shares were down all morning after the company reported first-quarter capacity and revenue growth which fell short of analyst expectations, despite losses narrowing in the period.
At midday Canada’s S&P/TSX Composite Index was down 0.82% at 20839.42, while the blue-chip S&P/TSX 60 fell 0.75% to 1261.33.
Air Canada’s stock fell by 5.8% to C$22.81 after it said revenues rose to 2.57 billion Canadian dollars, the equivalent of US$2.02 billion, from C$729 million a year ago, missing expectations of C$2.7 billion in the period. Meanwhile, operating capacity, measured in available seat miles, reaching 14.3 billion from 4.21 billion a year ago, but shy of an expected 14.51 billion.
Other market movers:
Shares in Fire & Flower Holdings Corp. slid 13% to C$3.72 after reporting a widened loss amid flat revenue in its fourth quarter.
Copper Mountain Mining Corp. shares tumbled 9.1% to C$2.89 after it said its output was about half as much as it was a year ago primarily due to lower mill feed grade and reduced mill throughput in the period.
Shares in HLS Therapeutics Inc. were 2.7% higher at C$15.11 after announcing it entered into a letter of intent with the pan-Canadian Pharmaceutical Alliance to have its cardiovascular treatment Vascepa qualify for public market reimbursement in the country.
Write to Adriano Marchese at adriano.marchese@wsj.com
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