Toronto Stocks Edge Lower; Teck Resources Slides on Higher Costs

By Adriano Marchese

Toronto-listed stocks were slightly lower at midday on Tuesday, reversing gains made earlier in the morning.

Investors are awaiting Wednesday's interest-rate decision by Canada's central bank, with consensus expectations for the Bank of Canada to hold rates steady at 5%.

Sector performance was mixed in midday trading, with energy, financial, industrials and materials lagging, while consumer discretionary generated the main gains, followed by real estate.

Canada's S&P/TSX Composite Index was 0.06% lower, at 19034.69, and the blue-chip S&P/TSX 60 fell by 0.12%, to 1144.24.

Shares in Teck Resources fell by 7.1%, to 49.45 Canadian dollars (US$36.12), after the Canadian miner raised the forecast cost for its flagship copper mine in Chile with construction delays and logged weaker-than-expected earnings for the latest quarter.

Other market movers:

TFI International shares were 6.9% lower, at C$148.87, after the Canadian transport and logistics company reported weaker end-market demand that weighed on profit and revenue more than analysts expected in the third quarter.

CAE shares were up 2.3%, to C$29.19, after it said it agreed to sell its healthcare business to Chicago-based Madison Industries for an enterprise value of C$311 million to focus on its core simulation and training markets.

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

(END) Dow Jones Newswires

October 24, 2023 12:18 ET (16:18 GMT)

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