By Adriano Marchese

Canadian stocks were slightly lower midday Friday.

Most sectors were declining, with the biggest losses in tech, consumer durables and energy. These were partially offset by gains in health services, communications and retail.

Canadian GDP rose by 2.2% in the first three months of the year thanks to strong goods exports even as household spending was pared back and business investment dropped in anticipation of a bruising trade war with the U.S.

Canada's S&P/TSX Composite Index fell by 0.2%, to 26159.52, and the blue-chip S&P/TSX 60 declined by 0.2%, to 1567.44.

Laurentian Bank of Canada shares rose 7.6%, to 31.01 Canadian dollars (US$22.46), after the Canadian lender reported a profit in the second quarter and lower provisions for credit losses.

Other market movers:

Shares in Canopy Growth fell sharply, by over 19%, to C$1.90, after the cannabis company reported a wider loss where analysts expected an improvement as regulatory changes in its Polish market dragged on international revenue.

MEG Energy's board of directors urged its shareholders not to take any action with regards to Strathcona Resources' unsolicited takeover bid which began Friday. Strathcona formally began its offer to acquire MEG shares at C$4.10 in cash and 0.62 a share for each MEG Energy share. MEG shares fell 1.7%, to C$24.29, while Strathcona shares rose 2%, to C$29.35.

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

(END) Dow Jones Newswires

May 30, 2025 12:09 ET (16:09 GMT)

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