By Adriano Marchese


Toronto stocks were firmly lower mid-trading Thursday. Investors continue to digest Wednesday's 50 basis-point cut to interest rates by the Bank of Canada, in-line with market forecasts.

Most sectors were in the red, with materials, communications and producer manufacturing the outsized laggards in the session. Of the gainers, only the tech sector posted gains thanks to a strong third quarter and better outlook from supply-chain solutions company Celestica.

At midday, Canada's S&P/TSX Composite Index was 0.6% lower at 24417.71 and the blue-chip S&P/TSX 60 fell by 0.7% to 1460.75.

Celestica shares climbed 17% to 93.16 Canadian dollars after upgrading its forecast for higher-than-expected revenue this year after reporting third-quarter results that beat estimates. The company said it expects the momentum to continue in 2025.


Other market movers:

Teck Resources' shares declined by 5.6% to C$64.72 after the miner again trimmed back its output guidance for the year following setbacks at its mines in western Canada and Chile.

Rogers Communications shares were 3.3% lower at C$52.51 after the company logged lower subscriber growth in the third quarter, weighing on revenue growth which came in below expectations. The telco also said it is in the final stages of reducing its debt load in a C$7 billion deal with an unidentified investor.

Shares in Mullen Group rose by 8.3% to C$15.37 after the logistics provider reported better-than-expected revenue in the third quarter despite facing a challenging macro environment.

Canadian Pacific Kansas City shares slipped by 1% to C$107.94 after third-quarter results came in slightly below forecast, but the rail operator said volumes are trending better than expected so far in the fourth quarter.


Write to Adriano Marchese at adriano.marchese@wsj.com


(END) Dow Jones Newswires

10-24-24 1222ET