By Adriano Marchese
In step with other global markets, stocks in Toronto were firmly lower Tuesday in midday trading. Most sectors were pushing down the indexes, with materials, process industries and energy the main laggards of the session. Meanwhile, only commercial services, producer manufacturing and tech stocks were posting gains.
At midday, Canada's S&P/TSX Composite Index was lower by 0.71% to 20480.53 and the blue-chip S&P/TSX 60 declined by 0.71% to 1228.37.
Pipestone Energy shares were 11% lower at 2.42 Canadian dollars ($1.83) after the company said it will be bought by private oil and gas producer Strathcona Resources in a deal worth an enterprise value of C$11.5 billion, setting it up to be the fifth largest oil producer in Canada.
Other market movers:
Neighbourly Pharmacy shares were 4.5% higher at C$16.74 after reporting better-than-expected revenue and adjusted earnings in its first fiscal quarter.
Loop Energy's shares jumped 8.8% to C$0.62 after the hydrogen fuel cell manufacturer distributor in South Korea secured a supply contract for a hydrogen electric bus project.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
08-01-23 1219ET
