By Adriano Marchese


Stocks in Canada were sharply lower mid-trading on Wednesday, in lockstep with other global markets largely reacting to a surprise U.S. credit rating downgraded to AA+ from AAA by Fitch.

The retreat of the session was broad-based, with tech services, materials and producer manufacturing stocks leading the decline. Only process industries posted gains, though minor, in session.

At midday, Canada's S&P/TSX Composite Index retreated 1.65%, to 20193.33. The blue-chip S&P/TSX 60 tumbled 1.67%, to 1211.02.

Shares of Canadian uranium producer Cameco were 7.7% lower, at 42.37 Canadian dollars (US$31.90), after the company logged an 83% decline in profit in the second quarter due largely to a C$44 million foreign-exchange loss on its U.S. cash balances.


Other market movers:

Thomson Reuters shares rose by 3%, to C$184.72, after it said it swung to a profit in the second quarter, boosted by the sale of business-management solutions business Elite and a rise in revenue.

Colliers International's shares rose by 6%, to C$141.98, after the Canadian professional-services and investment-management company stuck with its guidance for the year despite swinging to a loss in the recent quarter.

Bausch + Lomb's stock was down 2.1% a share, at C$25.23, after reporting that it swung to a loss in the second quarter--despite revenue growth beating expectations--due largely to higher costs in the period.

EQB's shares climbed 4.9%, to C$81.35, after the parent of Canada's Equitable Bank boosted its earnings forecast for the year and lifted its quarterly dividend almost 3% following a jump in profit in the second quarter.


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


(END) Dow Jones Newswires

08-02-23 1220ET