Toronto Stocks Retreat After Long Weekend

By Robb M. Stewart

Stocks trading in Toronto pulled back Tuesday, tracking weakness in global markets.

After a positive start to the session, the first trading day of the week after the Canada Day holiday Monday, the benchmark S&P/TSX Composite Index was 0.3% lower at 21814.95 at midday. The technology sector was the biggest drag on the market, more than offsetting gains in mining stocks.

The blue-chip S&P/TSX 60 was 0.3% weaker at 1301.23.

Most of the major banks were in the red, with only Royal Bank of Canada notching gains, with a rise of 0.2%.

Other market movers:

MDA Space's shares were down 1.5% at C$13.45 after it announced it was hunting for a new chief financial officer as Vito Culmone leaves for another career opportunity.

Aecon Group fell 17% to C$14.13 after the construction and infrastructure development company said it bought a majority stake in Michigan-based electrical distribution utility contractor Xtreme Powerline Construction for about $73 million.

Whitecap Resources was 1.5% higher at C$10.16 after the energy company earmarked roughly 200 million Canadian dollars (US$145.6 million) to buying back shares following a pair of deals to sell stakes in some of its infrastructure assets.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

July 02, 2024 12:31 ET (16:31 GMT)

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