Canadian stocks took a hit today, following flat September wholesale sales, with the S&P/TSX Composite Index and the S&P/TSX 60 falling by 0.40% and 0.47% respectively. The indexes have recorded a year-to-date decline of around 3%.
Certain sectors experienced downturns, notably utilities, while the tech sectors registered gains. Among the companies experiencing significant losses was Corus Entertainment (OTC:CJREF), whose shares plunged nearly 29% due to the suspension of dividends amid dwindling advertising demand.
Imperial Oil (NYSE:IMO) also saw its shares drop by 1.4% in response to a Q3 profit reduction, triggered by softened commodity prices. Conversely, Eldorado Gold (NYSE:EGO)'s shares surged by 8.4%, bolstered by a narrowed loss attributable to higher gold prices and increased sales volumes.
Laurion Mineral Exploration, which is planning to raise approximately C$2.7 million through private placement for its Ontario project, also faced a setback with a 4.9% decrease in shares. These market movements reflect an overall challenging environment for Canadian stocks, particularly in the wake of stagnant wholesale sales.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.