By Adriano Marchese


Toronto stocks retreated in midday trading Friday, in step with global markets. Canadian banks are in decline once again as the Silicon Valley Bank fallout is still fresh on investors' minds. At midday, sectors were showing a broad-based decline, led by energy, producer manufacturing and health technology stocks, while materials was the only sector to post any notable gains. Ballard Power Systems Inc. shares were lower Friday morning after the company reported significantly lower revenue in the fourth quarter as it struggles to make progress in the Chinese market.

Canada's S&P/TSX Composite Index was down 1.10% at 19323.34. The blue-chip S&P/TSX 60 slipped 1.19% to 1160.52.

Ballard Power Systems Inc. shares were down 3.6% at 6.80 Canadian dollars ($4.96) after it reported a 44% decline in revenue to $20.5 million, a greater fall than the $25.3 million that analysts had expected. Net loss from continuing operations narrowed to $34.4 million, or 12 cents a share, compared with a wider loss of $43.8 million, or 15 cents a share.


Other market movers:

Orla Mining Ltd. shares were up 15% at C$6.31 after reporting higher profit and revenue than expected in the fourth quarter of its first year as a cash-flowing gold producer.

Algonquin Power & Utilities Corp. on Friday reported a swing to a loss in its fourth quarter, but revenue and adjusted earnings that beat expectations. Shares were 3.2% higher at C$10.84.


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


(END) Dow Jones Newswires

03-17-23 1219ET