Toronto Stocks Retreat; ADF Group Shares Fall on C$47.9 Million Buyback from Certain Board Members
By Adriano Marchese
Toronto stocks were firmly lower Thursday at midday as most sectors were trending lower. Energy stocks were the most in decline, followed by communications and process industries. Only consumer services and consumer durables stocks were rising, though only slightly.
Canada's S&P/TSX Composite Index was down 1.1% mid-trading at 21725.38 and the blue-chip S&P/TSX 60 fell by 1.1% to 1297.20.
ADF Group said shares were down 3.9% to 18.19 Canadian dollars ($13.25) after it said that it has spent C$47.9 million to buy back about 2.8 million shares from certain members of the board.
Other market movers:
Exro Technologies' shares were up 6.1% to C$0.52 after the technology company said it is making progress on propulsion system deliveries and has signed its first outbound intellectual property-licensing deal.
Valeo Pharma shares rebounded from a sharp decline in the morning after the Canadian pharmaceutical company said it will lay off about 20% of its workforce as part of its restructuring measures to reduce costs. Shares were trading 4.6% higher at C$0.12.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
June 13, 2024 12:21 ET (16:21 GMT)
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