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Toronto Stocks Decline in Midday Trading


Written by Adriano Marchese

In line with other global markets, stocks in Toronto experienced a significant decline on Tuesday during midday trading. While a few sectors saw gains, most sectors were responsible for pushing down the indexes. The major laggards of the session were materials, process industries, and energy.

At midday, Canada’s S&P/TSX Composite Index had dropped by 0.71% to reach 20,480.53, and the blue-chip S&P/TSX 60 also declined by the same percentage to reach 1,228.37.

Pipestone Energy: A Considerable Decrease

Shares of Pipestone Energy faced an 11% decrease, falling to 2.42 Canadian dollars ($1.83). The company recently announced its acquisition by private oil and gas producer Strathcona Resources. This deal, valued at an enterprise of C$11.5 billion, positions it as the fifth largest oil producer in Canada.

Other Market Movers:

  • Neighbourly Pharmacy: Shares rose by 4.5% to C$16.74 after surpassing revenue and earnings expectations in its first fiscal quarter.
  • Loop Energy: Shares soared by 8.8% to C$0.62 after securing a supply contract for a hydrogen electric bus project as part of its role as a hydrogen fuel cell manufacturer distributor in South Korea.

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