Toronto Stocks Sharply Lower With Global Markets; Alexco Resources Rises on Hecla Mining Acquisition

By Adriano Marchese

Toronto-listed stocks were firmly lower Tuesday mid-trading, in step with U.S. markets, which opened Tuesday after being closed Monday for Independence Day. Concerns remain over lingering inflation and skepticism around economic growth potential. In the session, most Canadian sectors were lower, led by energy and materials, while healthcare and tech were the leaders. Shares in Alexco Resource Corp. rose after Hecla Mining Co. said it agreed to acquire any shares in the company it doesn't own.

At midday, Canada's S&P/TSX Composite Index was down 2.2% at 18601.94 and the blue-chip S&P/TSX 60 fell by 2% to 1132.88.

Shares in Yukon-based Alexco Resource rose 1.8% to C$0.56 after Hecla Mining said it would issue 18 million shares to exchange for the remaining Alexco shares, implying a consideration of UD$0.47 an Alexco share.

Other market movers:

New York-listed Hecla Mining shares fell 11.7% to US$3.55 after the company said it agreed to buy all remaining shares it doesn't already own of Alexco, and that it would pay Wheaton Precious Metals Corp. $135 million in its own shares for it to terminate its silver streaming interest with Alexco. Wheaton Precious Metals' shares were down 4.9% at C$45.69.

Dollarama Inc. said it would renew its buyback program to repurchase up to 7.5% of its public float over the course of a one-year period. Shares were up 0.7% to $75.99.

Write to Adriano Marchese at [e-mail]

(END) Dow Jones Newswires

July 05, 2022 12:15 ET (16:15 GMT)

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