Toronto Stocks Slip; Shopify Shares Drop as Pandemic Effects Seen Absent from 2022 Outlook

By Adriano Marchese

Canadian stocks were firmly lower Wednesday mid-trading as most sectors posted losses, with tech the largest laggard in the session. Shopify Inc. shares fell after the company said tailwinds from consumer spending trends and government stimulus during the pandemic won't be present in 2022.

At midday, Canada's S&P/TSX Composite Index was down 0.59% at 21376.14 and the blue-chip S&P/TSX 60 fell 0.73% to 1293.56.

Shopify's TSX-listed shares fell 18% to C$932.82 after it said it expects a more-measured macro economic environment in 2022 compared with the previous year, which had benefited from lockdowns and government stimulus money.

Other market movers:

Barrick Gold Corp. shares were 7.4% higher at C$28.26 after reporting higher fourth-quarter profit and revenue, beating analyst expectations.

Freshlocal Solutions Inc. shares fell 13% to C$0.62 after the company reported lower revenue and profit in its first quarter amid headwinds.

Write to Adriano Marchese at [e-mail]

(END) Dow Jones Newswires

02-16-22 1223ET