By Adriano Marchese
Toronto-listed stocks continued their downward trend in mid-trading on Thursday. Investor sentiment was dampened by hawkish commentary from the U.S. Federal Reserve that suggested another rate hike in June is a possibility. In the session, Canada's consumer discretionary and materials sectors were the outsized laggards, offsetting gains primarily in health tech, tech and manufacturing.
At midday, Canada's S&P/TSX Composite Index slipped 0.32% to 20231.52 and the blue-chip S&P/TSX 60 fell by 0.35% to 1219.05.
Shares of Canada Goose Holdings tumbled more than 12% in Toronto to 24.11 Canadian dollars ($17.92) after the Canadian winter apparel brand said it expects higher revenue but wider losses in its fiscal first quarter. Meanwhile, in the fourth quarter, Canada Goose narrowed its loss, while adjusted earnings and revenue beat analyst expectations thanks to rebounding Asian markets and contributions from Europe and the Middle East.
Other market movers:
Lightspeed Commerce shares were down 14% at C$17.25 this morning after the company said it expects lower revenue growth and higher costs due to its launch of a unified payments and point-of-sale system in fiscal 2024.
Shares of Bombardier were 4% higher at C$60.21 after it said it joined forces with General Dynamics Mission Systems-Canada to deliver a next-generation multi-mission and anti-submarine warfare aircraft for the Government of Canada.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
05-18-23 1230ET
