By Adriano Marchese
Canadian stocks saw a slight decline in mid-trading Thursday, moving away from earlier highs. The spotlight was once again on Canadian wildfires as the northern community of Yellowknife in Canada's Northwest Territories faced a mandatory evacuation order due to encroaching fires.
During the session, most sectors experienced losses, particularly consumer durables, health services, and tech services. However, gains were seen in energy, process industries, and materials.
The S&P/TSX Composite Index, Canada's key stock index, decreased by 0.02% to reach 19895.21. Meanwhile, the blue-chip S&P/TSX 60 saw a minor increase of 0.01% to reach 1192.05.
Canopy Growth Seals Deal with Hershey's Canadian Arm
Canopy Growth, a prominent cannabis company, witnessed a rise of 7.8% in its shares, reaching 55 Canadian cents (41 cents). The surge followed the announcement of a deal between Canopy Growth and the Canadian arm of Hershey. The deal involves the sale of a facility in Ontario for approximately C$53 million. This move aims to reduce costs and strengthen Canopy Growth's financial position.
Other Notable Market Developments
- Aya Gold & Silver saw its stock increase by 3.3% to C$7.56 per share. The rise came after the company revealed its plans to expand exploration activities at its Moroccan properties in 2023.
