Stocks in Toronto are continuing their downward trend, falling in midday trading on Thursday, following a sharp decline in the previous session. The technology sector is particularly struggling, along with consumer services and consumer discretionary shares. However, there have been some notable gains in consumer durables, health technology, and energy.
Toronto’s S&P/TSX Composite Index Retreats
At midday, Canada’s S&P/TSX Composite Index is retreating by 0.46% to 20126.13. The blue-chip S&P/TSX 60 is also down by 0.54% to 1205.18.
Lightspeed Commerce Shines Among Technology Stocks
However, there is one notable exception in the technology sector. Lightspeed Commerce shares are actually rising by 5.4% to 22.79 Canadian dollars ($17.07). This increase comes after the company reported a narrower loss in its fiscal first quarter, thanks to higher transaction volume and better-than-expected revenue growth. Lightspeed Commerce is optimistic about its future, expecting higher revenue in the second quarter.
Other Market Movers
While most stocks are struggling, there are a few exceptions:
- SNC-Lavalin Group: The project-management and professional-services company’s shares rose by 6.8% to C$40.45. The rise is due to strong demand, as the company reported a sharp rise in second-quarter earnings and confirmed a solid order backlog.
- Ballard Power Systems: This company’s shares advanced by 9.1% to C$6.50. They recently reached a preliminary agreement with Ford Trucks to supply a fuel cell system for its hydrogen-powered vehicle prototype.
- Canada Goose: Unfortunately, Canada Goose’s stock declined by 4.4% to C$21.88. The company reported a wider loss in its fiscal first quarter, despite better-than-expected revenue growth driven by higher retail sales in North America and Asia.
- Bombardier: Bombardier’s stock fell by 8.4% to C$61.87. The company reported a narrower loss and revenue that met expectations for the second quarter.
As the day progresses, market participants will continue to closely monitor these developments.
