Stocks in Toronto Start the Week on a Downward Trend

The stock market in Toronto began the week with a decline, as most sectors experienced downward movement. While consumer services, process industries, and materials struggled, there were a few gainers in the health services, technology, and utilities fields.

Market Performance

Canada's S&P/TSX Composite Index saw a decrease of 0.44% to 20,318.21, while the blue-chip S&P/TSX 60 fell by 0.47% to 1,217.82.

Boralex's Strong Earnings Push Shares Up

Boralex, a renewable energy producer, saw its shares climb nearly 11% to CAD 33.18 ($24.68) after reporting better-than-expected earnings for the second quarter. The company capitalized on high electricity prices in France, which offset unfavorable weather conditions in North America.

Other Notable Market Movements

Premium Brands Holdings experienced a 1.3% decline in shares to CAD 111.29 after reporting a decrease in second-quarter profit. Although revenue reached a record high of CAD 1.63 billion with a 7.3% increase, it fell short of analyst forecasts of CAD 1.65 billion. Earnings also dropped from CAD 63.3 million to CAD 33.9 million.

Hut 8 Mining witnessed a 7.5% decline in shares to CAD 3.68 due to decreasing revenue in the second quarter. The rising cost and difficulty of mining bitcoin were contributing factors.

DRI Healthcare Trust, on the other hand, experienced a rise in shares by 2.3% to CAD 12.28 after announcing the acquisition of a second royalty interest in Radius Pharmaceuticals' selective estrogen receptor degrader drug for $130 million.