By Adriano Marchese
Toronto stocks were firmly lower in midday trading on Wednesday, easing off of earlier lows. Most sectors were dragging the indexes lower, with the greatest losses in health tech, energy and process industries. Consumer discretionary was the biggest gainer, with small gains in communications and utilities stocks.
On the macroeconomic front, Canada's economy saw only slight growth in March, edging 0.1% higher, as the Trump administration's tariffs kicked off. The month's weakness after a contraction in February points to softer growth in the first quarter.
Canada's S&P/TSX Composite Index fell 0.8% to 24664.87 and the blue-chip S&P/TSX 60 declined by 0.9% to 1483.44.
Gildan Activewear shares rose 5.6% to 62.65 Canadian dollars ($45.29) after the company stood by its full-year guidance, brushing off investor jitters over tariffs and a potential slowdown on consumer demand.
Other market movers:
Bausch + Lomb shares fell 14% to C$16.40 after the eye health company had a wider loss in the first fiscal quarter as costs dragged, and revenue growth missed expectations. The company's recent recall of the enVista intraocular lenses also continued to weigh on sentiment, despite their return to production this week.
Loblaw reported a rise in first-quarter profit, fueled by strong consumer demand for its discount brands and promotional offers, which helped lift revenue. Shares fell 0.4% to C$217.45.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
April 30, 2025 12:09 ET (16:09 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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