Stocks in Toronto Await Decision on Interest Rates

By Adriano Marchese

Stocks in Toronto were slightly lower as investors await the Canadian central bank's decision on interest rates on Wednesday. Analysts largely expect rates to remain unchanged at 5%.

Mixed Sector Performance

Sector performance in Canada was mixed, with declines logged primarily in health services, health tech, and commercial services, offset by gains mainly in consumer discretionary stocks. Tech services and transportation also saw gains.

At midday, Canada's S&P/TSX Composite Index was down 0.11% to 20883.18, and the blue-chip S&P/TSX 60 fell by 0.15% to 1260.42.

Arizona Metals Plans Split to Create New Companies

Shares of Arizona Metals were higher mid-morning Monday after the company announced its plans to split and create two new companies based around its operations in Arizona. This move aims to create the Sugarloaf Peak gold project and establish two royalties on its Kay Mine project.

Other Market Movers

• Shares of Salazar Resources and Adventus Mining rose after receiving an environmental license for their project in Ecuador.
• Salazar Resources saw a 36% increase in shares to C$0.08, while Adventus Mining shares rose by 7.4% to C$0.29.

Mineros Expects Decrease in Gold Production

Mineros stated that it expects a decrease in gold production in 2024 following the sale of an Argentinian subsidiary. This led to a decrease of 2.9% in shares, reaching C$0.66.