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Toronto Stock Exchange sees mixed results as Dollarama and Sigma Lithium surge, cannabis stocks fall

EditorPollock Mondal
Published 09/13/2023, 07:26 PM
© Reuters.

Wednesday's trading on the Toronto Stock Exchange was marked by a mix of gains and losses among some of the most active companies. Retail giant Dollarama Inc. (TSX:DOL) and mining firm Sigma Lithium Corp. (TSX:SGML) saw significant increases, while healthcare companies Canopy Growth (NASDAQ:CGC) Corp. (TSX:WEED) and Aurora Cannabis Inc. (TSX:NASDAQ:ACB) experienced notable declines.

Dollarama reported a rise in its second-quarter profit compared to the same period last year, with earnings reaching C$245.8 million or 86 cents per diluted share, up from C$193.5 million or 66 cents per diluted share. This surge was attributed to an increase in the total number of stores and higher comparable store sales. The company's stock closed Wednesday up C$5.30, or 5.93 percent, to C$94.66.

Sigma Lithium, owner of the Grota do Cirilo lithium project in Brazil, also enjoyed a boost in its stock price after announcing that it is evaluating potential strategic alternatives following multiple proposals received. The company's shares were up C$5.97, or 13.72 percent, to C$49.48 on Wednesday. The demand for lithium, a key component in electric vehicle batteries, has skyrocketed in recent years.

On the other hand, cannabis stocks took a hit on Wednesday after recent gains fueled by optimism over the U.S market. Canopy Growth Corp.'s shares fell 26 cents, or 14.29 percent, to C$1.56 while Aurora Cannabis Inc.'s shares dropped 22 cents, or 17.05 percent, to C$1.07.

In the energy sector, TC Energy Corp (TSX:NYSE:TRP) saw a modest increase of eight cents, or 0.16 percent, to C$49.40, while Enbridge Inc. (TSX:NYSE:ENB) shares rose 20 cents, or 0.43 percent, to C$46.49. Suncor Energy Inc. (TSX:NYSE:SU), however, experienced a decline with shares down 36 cents, or 0.77 percent, to C$46.62.

The finance sector saw gains with Toronto-Dominion Bank (TSX:TD) ending Wednesday up 64 cents, or 0.78 percent, to C$82.77.

In summary, Wednesday's trading session on the Toronto Stock Exchange displayed a varied landscape with retail and mining sectors experiencing significant increases while healthcare companies saw considerable declines.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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