By Adriano Marchese
Stocks in Toronto were recovering from morning lows in mid-day trading on Monday after Canadian equities fell 3.9% in the previous week.
Across the border, the collapse of Silicon Valley Bank and issues in the U.S. banking sector are a focus among investors, with Canadian financial posting large declines in the session. Canada's tech, consumer durables and energy sectors were also in the red while the materials sector was the leader among the few gainers.
ADENTRA Inc. shares were trading lower after the company warned high inflation and interest rates will harm the company's economic activity in the short term.
At midday, Canada's S&P/TSX Composite Index was down 0.76% to 19624.70 and the blue-chip S&P/TSX 60 fell by 0.85% to 1179.49.
Shares in ADENTRA Inc. fell more than 11% to 26.69 Canadian dollars ($19.30) after it said it expects the new economic environment will moderate demand for its products and lead to softer pricing and volumes this year, compared to recent trends.
Other market movers:
Martello Technologies Group Inc. shares dropped 20% to C$0.02 after it said it plans to raise C$1.2 million by way of a non-brokered private placement to a corporation owned by its chairman, Terence Matthews.
Probe Gold Inc. shares rose 6.8% to C$1.41 after it said that it is looking to raise C$15 million by way of a bought deal private placement of flow-through shares.
Centerra Gold Inc. shares were higher by 5.7% at C$8.68 after the gold miner said it has appointed former-Kinross Gold Corp. Chief Technical Officer Paul Tomory as its new president and chief executive.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
03-13-23 1219ET
