By Adriano Marchese
Stocks trading in Toronto were firmly lower Thursday at midday, easing up from deeper losses earlier in the session. New data out of Canada shows that GDP per capita is now 2.5% below prepandemic levels and 7% beneath the long-term trend and would need to grow by an average of 1.7% every year to return to its prepandemic trend over the next decade.
Sector performance in Canada was mostly trending lower, with commercial services, process industries and consumer discretionary stocks falling the most. Of the few gainers, tech led, followed by materials and energy.
Canada's S&P/TSX Composite Index was down 0.3% to 21807.91 and the blue-chip S&P/TSX 60 fell by 0.3% to 1307.51.
Teck Resources' shares climbed by 7.5% to 66.86 Canadian dollars ($48.79) after the mining major reported higher quarterly copper production as output at its Quebrada Blanca mine in Chile ramps up, overshadowing weaker-than-expected earnings thanks in part to soft coal volumes.
Other market movers:
Bombardier shares were trading 6.9% higher at C$60.91 after the business jet manufacturer said deliveries remain on track thanks to strong orders in the first quarter.
Mullen Group shares were down by 8.9% to C$13.15 after reporting lower revenue in the first quarter where analysts expected a rise.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
04-25-24 1226ET
