Toronto Exchanges Experience Broad-Based Declines

By Adriano Marchese

In midday trading on Tuesday, Toronto's exchanges encountered widespread declines. The inflation report for Canada in August revealed a higher-than-expected acceleration of 4%, surpassing analysts' predictions of 3.8%. The surge was mainly driven by food, shelter, and energy. While process industries and health services managed to post gains, sectors like health tech, materials, and tech services suffered the largest declines.

Market Performance

At midday, Canada's S&P/TSX Composite Index dropped by 1.11% to 20,266.05, and the blue-chip S&P/TSX 60 also experienced a decline of 1.13% to 1,215.75.

Fortis (Canada) Announces New Capital Plan

Fortis (Canada) witnessed a 1.6% decrease in shares, falling to 55.47 Canadian dollars ($41.13). The decline followed the company's announcement of a new five-year capital plan worth C$25 billion. This strategic plan aims to emphasize renewable energy and other investments throughout Fortis' network in Canada and the U.S.

Other Noteworthy Market Movements

Aurora Cannabis saw a rise of 2.6% to C$1.18, moderating from its earlier high of C$1.30. The company reported repurchasing an additional C$13 million of convertible notes as part of its efforts to achieve profitability in the coming year. This move follows last week's repurchase of C$12.3 million worth of convertible senior notes.