Toronto-listed stocks saw a significant decline during midday trading on Tuesday as investors grappled with the latest U.S. inflation numbers. The figures revealed that the Consumer Price Index (CPI) had risen by 3.1% year-over-year. This downward trend affected most sectors in Canada's stock market, particularly consumer durables, energy, and materials. However, there were a few exceptions, with consumer discretionary and commercial services managing to stay ahead.
By midday, Canada's benchmark S&P/TSX Composite Index had fallen by 0.68%, reaching 20,179.94 points. Similarly, the blue-chip S&P/TSX 60 saw a decline of 0.59%, settling at 1,220.29 points.
One notable stock to experience a significant drop was Cogeco Communications, which plummeted by 6.3% to 53.49 Canadian dollars ($39.41). This decline came after Rogers Communications announced its plans to sell all of its subordinate voting shares in Cogeco and Cogeco Communications to Quebec's provincial pension plan manager for a substantial amount of C$829 million. In contrast, Cogeco stock managed to increase by 0.6% to C$52.40, while Rogers shares declined by 0.4% to C$61.40.
Notable Market Movers
During the day, several other stocks also faced significant fluctuations:
Givex, a technology company, revealed its intention to launch a share-repurchase program aiming to buy back up to 5% of its issued and outstanding share capital within a one-year timeframe.
Spin Master, a well-known Canadian toy company, experienced a decline of 5.7% in its shares, reaching C$32.50. This drop followed Hasbro's announcement that it would be reducing its workforce by about one-fifth due to persistently weak sales of toys and games during the crucial holiday shopping season.
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