Toronto Stocks Edge Lower; Ballard Power Systems Slides as 4Q Loss Widens, Order Backlog Shrinks
By Adriano Marchese
Stocks in Toronto started the week off on the back foot, edging down on Monday after Canadian equities rose 1% in the previous week. Investors are awaiting U.S. inflation data expected on Tuesday, with analysts expecting core CPI to increase slightly month-over-month in February.
Sector performance was mixed in the session, with materials and process industries leading the gainers, offset by declines largely in tech and producer manufacturing, and communications a distant third.
At midday, Canada's S&P/TSX Composite Index was down 0.25% at 21683.65, and the blue-chip S&P/TSX 60 fell 0.31% to 1307.81.
Shares in Ballard Power Systems were down 8% to 4.13 Canadian dollars ($3.06) after the Canadian fuel cell products manufacturer reported a widened fourth-quarter loss and said its order backlog took a hit after losing a major order from customer.
Other market movers:
SilverCrest Metals' shares were 20% higher at C$8.94 after the Canadian precious metals producer's earnings topped expectations on the back of increased sales and higher metal prices.
Westport Fuel Systems' shares were nearly 15% higher at C$8.59 after it said it signed a deal to launch a joint venture with Swedish truck maker Volvo to accelerate commercialization of the Canadian company's fuel-system technology.
Endeavour Silver shares rose Monday morning after the company said it would focus on discipline to offset rising costs in its operations and that it expects to bring another project online at the end of this year.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
March 11, 2024 12:19 ET (16:19 GMT)
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