By Adriano Marchese
Toronto's exchanges saw broad-based declines in midday trading on Tuesday. Canada's inflation report came in hotter than predicted for the month of August, accelerating at 4%. This was faster than the 3.8% analysts had expected, driven by food, shelter and energy. Amid the sell off, process industries and health services were the only sectors posting gains, while health tech, materials and tech services led with the biggest declines.
At midday, Canada's S&P/TSX Composite Index fell by 1.11% to 20266.05 and the blue-chip S&P/TSX 60 was also down by 1.13% to 1215.75.
Shares in Fortis (Canada) were 1.6% lower at 55.47 Canadian dollars ($41.13) after the company announced its new five-year capital plan worth C$25 billion. The plan would see Fortis take a bigger focus on renewable energy, as well as other investments across its network in Canada and the U.S.
Other market movers:
Aurora Cannabis rose by 2.6% to C$1.18, moderating from an earlier high of C$1.30, after the company said it repurchased an additional C$13 million of convertible notes as it looks to reach profitability next year. Last week, the company repurchased C$12.3 million worth of convertible senior notes.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
09-19-23 1223ET
