By Adriano Marchese


Stocks in Toronto were sharply lower Friday in midday trading after a 1% decline on Thursday as investors process central banks around the world increasing rates while concerns over the direction of the global economy continue to weigh on sentiment. In the session, all Canadian sectors were in the red, with the energy sector posting the largest decline as the price of oil fell below $80. Going against the trend, Reitmans (Canada) Ltd., a women's apparel retailer, saw its shares trade higher as the company's restructuring and rebranding continued to drive sales and profit higher in its fiscal second quarter.

Canada's S&P/TSX Composite Index was down 2.82% at 18466.57, while the blue-chip S&P/TSX 60 fell 2.67% to 1121.50.

Thursday after markets closed, Reitmans said its sales rose 33% to C$229.2 million in the 13 weeks ended July 30, driving earnings from continuing operations to C$0.76 a share from C$0.49. The company, which sought creditors' protection in Canada in January, said it has benefited from increased consumer spending and favorable year-over-year exchange rates, but also preferential rent arrangements that were put into place while under creditors' protection.


Other market movers:

Dye & Durham Ltd. said that Link Administration Holdings Ltd. has ended discussions regarding its sale to the Canadian cloud-based software company. Shares were up 5.2% at C$12.69.


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


(END) Dow Jones Newswires

09-23-22 1223ET