Toronto Stocks Slide with Global Markets, Tilray Brands Rises on Profit, Revenue


By Adriano Marchese

Canadian stocks were firmly in the red, in line with most global markets, with most sectors pushing down the S&P/TSX Composite Index by 170.76 points.

Tech services, transportation and producer manufacturing were the main drags, while utilities, communications and process industries sectors were the only gainers. According to FactSet, markets are facing several headwinds including recent bond yield backup, hawkish tones from the Federal Reserve and a pickup in pandemic concerns around China’s lockdowns.

Tilray Brands Inc. shares rose after the company reported a swing to profit in the third quarter, benefiting from a rise in revenue. Toronto-listed shares in Tilray rose 11% to C$9.68 after it said earnings were 9 cents a share in the three months to Feb. 27, up from a loss of $1.03 in the comparable quarter a year ago. Net revenue rose to $151.9 million from $123.9 million.

At midday, Canada’s S&P/TSX Composite Index was down 0.77% at 21763.04. The blue-chip S&P/TSX 60 fell 0.67% to 1320.67.

Other market movers:

Orla Mining Ltd. shares rose 2.1% to C$6.29 after it said it is maintaining gold production guidance of 90,000 ounces to 100,000 ounces for the year after its maiden period of production in the first quarter from its Mexico mine.

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



Read More: Toronto Stocks Slide with Global Markets, Tilray Brands Rises on Profit, Revenue

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments