Consumer Durables News

Toronto Stocks Slightly Lower, Algoma Steel Slides on Expected 3Q Loss, Lower Shipments

By Adriano Marchese

Toronto stocks edged lower Tuesday. Energy, producer manufacturing and consumer durables were the main laggards, which offset gains in the health services, health tech and tech services sectors.

Algoma Steel Group Inc. shares fell after the company said steel shipments are estimated to be lower in its fiscal third quarter and it expects to report an adjusted loss in the period.

At midday, Canada’s S&P/TSX Composite Index was down 0.32% to 19792.88 and the blue-chip S&P/TSX 60 fell by 0.39% to 1192.77.

Algoma Steel Group Inc. shares fell 6.9% to C$7.91 after it said late Monday that the decline in steel shipments and the adjusted loss before interest, taxes, depreciation and amortization in the period were caused by softer steel pricing, lower shipments and winter maintenance activities.

Other market movers:

Aya Gold & Silver Inc. shares were up 3.5% to C$9.47 after it said silver production rose nearly 18% in 2022, beating guidance, benefiting from a strong fourth-quarter output that increased more than 50% year-over-year.

Shares of Pollard Banknote Ltd. climbed 3.6% to C$18.93 after it announced it amended its joint-venture operating agreement with NeoGames SA to allow greater flexibility to pursue future iLottery opportunities in North America independently or in partnership.

Write to Adriano Marchese at

(END) Dow Jones Newswires

01-10-23 1214ET

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