Toronto Stocks Fall; Cogeco Communications Slides on Rogers Communication Stake Sale
By Adriano Marchese
Toronto-listed stocks were firmly lower midday on Tuesday as investors digest U.S. inflation figures, which showed CPI was up 3.1% year-over-year. Most Canadian sectors were lower, led by consumer durables, energy and materials. On the gainers' side, only consumer discretionary and commercial services were ahead.
At midday, Canada's S&P/TSX Composite Index fell by 0.68% to 20179.94 and the blue-chip S&P/TSX 60 was down by 0.59% to 1220.29.
Shares of Cogeco Communications were down 6.3% at 53.49 Canadian dollars ($39.41) after Rogers Communications said it will sell all of its subordinate voting shares in Cogeco and Cogeco Communications to Quebec's provincial pension plan manager for C$829 million. Cogeco stock is up 0.6% at C$52.40 and Rogers shares are down 0.4% at C$61.40.
Other market movers:
Givex said Tuesday that it plans to launch a share-repurchase program to buy back up to 5% of its issued and outstanding share capital over the course of a one-year period.
Canadian toy company Spin Master shares fall 5.7% at C$32.50 in the wake of Hasbro's announcement that it would cut about one-fifth of its workforce amid persisting weak sales for toys and games into the key holiday shopping period.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
December 12, 2023 12:37 ET (17:37 GMT)
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