Stocks Fumble in Early Trading
Hexo reports net loss of $11.1 million
Stocks in Toronto traded lower in early action led by declines in health-care and Financial stocks.
The TSX dropped 126.70 points to 19,412.31.
The Canadian dollar shed 0.16 cents to 72.71 cents U.S.
In earnings news -- Hexo Corp. reported a net loss of $11.1 million in its latest quarter, up from a year earlier, when it reported a loss of $690.3 million, which included $616 million in one-time impairment charges.
Canadian Pacific Railway Ltd. says it will officially combine with Kansas City Southern Railway Co. on April 14 under a new name, Canadian Pacific Kansas City.
On the economic calendar, Statistics Canada said the RMPI decreased 0.4% in February and fell 5.2% compared with the same month in 2022. The IPPI index declined 0.8% month over month in February and rose 1.4% year over year.
The TSX Venture Exchange shed 1.25 points to 600.95.
Two of the 12 TSX subgroups gained Friday morning with gold higher by 2.34% and material issues up 1.45%.
On the downside, health-care issues were off 1.54%, Consumer Staples stocks shed 1.51% and Financial issues gave back 1.28%.
Stocks in the U.S were lower this morning as investors remained concerned with the banking sector after Silicon Valley Bank filed for bankruptcy.
The Dow fell 182 points, or 0.6%. The S&P 500 slid 0.1%, while the Nasdaq Composite was up 0.4%.
Credit Suisse shares were down 3.6% after the bank announced that it would borrow up to $50 billion francs (nearly $54 billion) from the Swiss National Bank.
The 10-year yield was at 3.48% early Friday.
WTI crude oil was down 1.5% to trade near $67.30 a barrel.
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