Toronto Stocks Decline Continues; MTY Food Group Falls on 3Q Miss

10/07/2022 | 12:23pm

By Adriano Marchese

Toronto-listed stocks continued their decline mid-trading Friday after closing 1.3% lower Thursday, but still remain on track for a weekly gain after early week jumps. Across the border, the unemployment rate came in lower than expected at 3.5%, with some analyst suggesting that the U.S. Federal Reserve may continue its rate increases. In the session, energy was the only sector posting gains while process industries was the outsized laggard, followed by health tech and tech services. MTY Food Group Inc. shares were trading lower after the company reported lower third-quarter profit despite a rise in revenue, missing expectations of a rise by analysts.

Canada's S&P/TSX Composite Index is down 1.39% at 18715.00 and the blue-chip S&P/TSX 60 fell by 1.28% to 1130.02.

MTY Food Group reported net income of 22.4 million Canadian dollars (US$16.3 million), or C$0.92 a share, down from C$24.3 million, or C$0.98 a share, a year earlier. Consensus expectations of analysts polled on FactSet was for C$1.09 a share.

Other market movers:

Aurora Cannabis Inc. said it has repurchased around C$31.3 million of principal amount of its convertible senior notes at a discounted price of C$29.8 million and said that it remains on track to reach positive adjusted Ebitda by the end of the year. Shares are down nearly 11% at C$1.62.

Markets in Canada will be closed Monday for Thanksgiving and will resume trading Tuesday.

Write to Adriano Marchese at

(END) Dow Jones Newswires

10-07-22 1222ET

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