Toronto Stocks Fall; Telus International Shares Drop to All-Time Low on 2Q Miss, Guidance Cut

By Adriano Marchese

Canadian stocks were sharply lower Friday morning, in line with global markets. The broad selloff came amid worries over economic growth following a softer-than-expected July jobs report in the U.S.

Nearly all sectors were trending lower midday, with technology stocks leading the decline. Energy, process industries and tech-services stocks followed closely behind. Only health-services stocks were posting gains in the session, and even those only slightly.

Canada's S&P/TSX Composite Index was down 2.8% to 22092.73 and the blue-chip S&P/TSX 60 was also down, falling 2.7% to 1320.85.

Shares of Telus International, which is rebranding to Telus Digital Experience, was recently down over 31% to 6.21 Canadian dollars ($4.48) after hitting an all-time low after the company lowered its earnings guidance for the year and said demand recovery would take longer due to macroeconomic headwinds.

Other market movers:

Magna International shares trading in Toronto were 5.3% lower at C$56.47 after earnings missed expectations in the second quarter and the company said it would lower its targets for the year.

Shares in Shopify were down 6.4% to C$75.55 in sympathy with Amazon's stock decline amid concerns that the U.S. technology company is facing greater competition in its retail segment.

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

(END) Dow Jones Newswires

August 02, 2024 12:49 ET (16:49 GMT)

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