Toronto Stocks Slide; Enbridge Sanctions Pipeline in Gulf of Mexico, Shares Slip

By Adriano Marchese

Toronto indexes retreated slightly on Thursday midday. Sector performance was mixed in the session, with gains in tech, energy and industrial services offset by declines in materials, utilities and finance stocks.

On the macroeconomic front, activity in Canada's services industry continued to deteriorate last month, falling to 46.4 in September from 47.8 in August due to a faster pace of decline in activity and new business.

Canada's official international reserves rose by $2.29 billion last month, according to the federal finance department.

Canada's S&P/TSX Composite Index fell by 0.2% to 23946.82 and the blue-chip S&P/TSX 60 declined by 0.3% to 1433.76.

Enbridge said Thursday that it plans to build a pipeline system that will connect deep water oil and gas projects in the Gulf of Mexico to the Louisiana market at the cost of $700 million. Shares fell 0.7% to 55.03 Canadian dollars ($40.75).

Other market movers:

McCoy Global shares rose 6.9% to C$2.80 after it said it was awarded a C$4.3 million contract for enhanced smart casing running tools destined for the Middle East market.

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

(END) Dow Jones Newswires

October 03, 2024 12:27 ET (16:27 GMT)

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