Toronto Stocks Slide; Bank of Nova Scotia Falls on C$590 Million Charge in 4Q
By Adriano Marchese
Stocks in Toronto were lower midday trading on Wednesday to put them in lock-step with other global markets. Producer manufacturing, process industries and transportation were down the most, with only the consumer durable and energy sectors higher.
Canada's S&P/TSX Composite Index was down by 0.74% to 19546.13 and the blue-chip S&P/TSX 60 fell by 0.73% to 1175.55.
Housing starts across Canada came in at a seasonally adjusted annualized rate of 270,466 units for September, up 8% from the month before, according to Canada Mortgage and Housing Corp. Housing supply has been a major topic for Canadians who have seen prices rise significantly in the past few years, made worse by an increase in interest rates that have pushed mortgages and rents higher.
Bank of Nova Scotia warned its financial results for the fiscal fourth quarter will take a C$590 million hit due to restructuring and other charges, including a roughly 3% cut to its workforce.
Other market movers:
Rock Tech Lithium's shares were up 2.3% to C$1.34 after the company said it would accelerate planning for its lithium converter, which would be a major first step into developing an integrated lithium supply chain by 2027.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
October 18, 2023 12:22 ET (16:22 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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