Toronto Stocks Edge Lower; Waste Management Shares Slide on Headwinds Ahead

By Adriano Marchese

Stocks in Toronto were slightly lower in midday trading Thursday after hovering around flat most of the morning. Sector performance in Canada was mixed, with the largest declines logged in the tech and consumer durables sectors. The biggest gains were in utilities, process industries and transportation.

Canada's S&P/TSX Composite Index were 0.16% lower at 18916.91, and the blue-chip S&P/TSX 60 was 0.20% lower at 1136.80.

Waste Connections shares were 5.9% lower at 178.39 Canadian dollars ($129.29) after the company said it experienced $15 million in unforeseen headwinds in the third quarter, and warned that it may face more in the fourth quarter.

Other market movers:

Canadian Utilities' shares were 2.1% higher at C$29.43 after it reported an increase in third-quarter earnings despite lower revenue.

Shares in Precision Drilling were 4.3% lower at C$79.48 after reporting a 36% drop in third-quarter profit, while revenue missed expectation due to less drilling and service activity in the period.

Reconnaissance Energy Africa shares were 4% higher at C$1.04 after it said it will sell its operations in Mexico to privately owned Chame Energy for $7.5 million and double down on its operations in western Africa.

Write to Adriano Marchese at [e-mail]

(END) Dow Jones Newswires

October 26, 2023 12:13 ET (16:13 GMT)

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