By Adriano Marchese
Stocks in Toronto were trading firmly lower Monday at midday. Canada’s Deputy Prime Minister Chrystia Freeland said over the weekend that the country’s housing crisis is still a way’s away from being resolved. She said that the federal government will remove the 5% consumption tax on the building of new rental apartment buildings.
Consumer services, tech and distribution services stocks were the leaders of the few gainers in the session, offset primarily by a retreat in process industries stocks, as well as producer manufacturing and tech services.
Canada’s S&P/TSX Composite Index slipped by 0.67% to 20483.53. The blue-chip S&P/TSX 60 was down 0.80% at 1228.45.
Canopy Growth shares fell by about 15% to 1.58 Canadian dollars ($1.17) after the company said that it is looking to raise $50 million with private investors to strengthen its balance sheet.
Other market movers:
Hut 8 Mining shares were 5.1% higher at C$2.99 after the company said that it has received the final court approval in British Columbia required to complete its merger with U.S. Data Mining Group.
Shares of Indigo Books & Music rose 18% to C$1.59 after the company said that its founder Heather Reisman will return to lead the company as one of a number of changes from a board reshuffle.
Intouch Insight shares rose 8.1% to C$0.40 after it said it will acquire Brand Equity Builders for $3.13 million.
Write to Adriano Marchese at [email protected]
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