News

Canadian Stocks Slightly Lower as Sector Performance Remains Mixed

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Andrew R. Michaud

• November 08, 2023

The Canadian stock market experienced slight declines on Wednesday, with a mixed performance across different sectors. While gains were observed in consumer discretionary, tech services, and producer manufacturing, losses were seen in the energy, materials, and communications sectors.

Key Indexes Report

At midday, Canada's main stock index, the S&P/TSX Composite Index, was down by 0.13% to reach 19546.67. The blue-chip S&P/TSX 60 index also fell by 0.10% and settled at 1176.90.

Nuvei Thrives as Revenue Targets Met

Nuvei, a Canadian financial technology company, witnessed a significant rise of over 18% in its shares, reaching 25.70 Canadian dollars ($18.67). This surge came after the company successfully met its quarterly guidance and narrowed its revenue target for the full year.

Major Market Movers

• ATS: Shares of ATS, a Canadian automation systems company, soared by 9.7% to C$51.10. The company reported higher profit and exceeded revenue expectations in its second fiscal quarter.

• Thinkific Labs: Share prices of Thinkific Labs increased by 15% to C$2.60. The company reported a reduced loss and substantial revenue growth in its third quarter. Additionally, Thinkific Labs announced plans to launch a share repurchase program.

• Goeasy: Goeasy, a consumer lender, surpassed expectations with its recent quarterly earnings and revenue. The company witnessed a record number of credit applications, leading to a 5.6% increase in its shares, valued at C$126.77.