By Adriano Marchese


Toronto stocks were in the red in midday trading Wednesday, declining along with other major markets as investors continue to weigh the fallout from the collapse of Silicon Valley Bank and Signature Bank.

The S&P/TSX Composite Index was down 2.08%, nearly 400 points at 19282.03, and the blue-chip S&P/TSX 60 was off by 2.01% at 1158.62. Canadian financials were among the top decliners, followed by energy and technology.

Bucking the trend was Canadian Pacific Railway Ltd., whose shares rose 7.5% to 107.29 Canadian dollars ($78.39). That followed news that the company's proposed $28 billion tie-up with Kansas City Southern to create a freight rail network linking Canada, the U.S. and Mexico met the public interest test for approval by a U.S. regulator.

In New York, shares were up 6.34% at $77.63.


Other market movers:

EnCore Energy Corp. said it decided to resume in-situ recovery operations at its Alta Mesa processing plant in Texas, its second uranium-producing location in the area. Shares were down 3.4% at C$2.56.

StorageVault Canada Inc. said it received conditional acceptance from the Toronto Stock Exchange to buy back up to 5% of its outstanding shares, as well as certain outstanding debentures over the course of a one-year period. Shares were down 1.6% at C$5.99.


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


(END) Dow Jones Newswires

03-15-23 1257ET