- Wednesday, October 16, 2024
In the Toronto stock market, there was a slight increase in stocks. However, the performance of different sectors varied. Process industries, producer manufacturing, and materials stocks observed a decline, but there were gains in consumer durables, tech, and commercial services.
The S&P/TSX Composite Index of Canada rose by 0.14% to reach 20724.84 on Thursday. Furthermore, the blue-chip S&P/TSX 60 also saw a marginal increase of 0.14%, reaching 1250.89.
Fortuna Silver Mines Faces Challenges
Fortuna Silver Mines experienced a significant setback as its shares dropped by 14% to 4.15 Canadian dollars ($3.07). The company announced that its mine in Mexico is expected to be depleted earlier than previously anticipated. It also highlighted potential higher costs in the future.
Other Notable Market Movements
Several other companies witnessed significant movements in the market:
Birchcliff Energy saw a decline of 9.6% in its shares, which fell to C$5.19. The company expects its production in 2024 to be similar to that of 2023, which is at the lower end of the guidance it provided. Additionally, Birchcliff Energy has decided to reduce its dividend.
Dye & Durham experienced a 3.5% decrease in its shares, reaching C$12.66. The company has announced its intention to raise C$126 million through a bought deal offering of its shares to pay off its debt.
Canopy Growth plans to strengthen its financial position by raising $35 million through a private placement. However, this move seemed to have an adverse impact on the company's shares, which were down by 3.3% to C$6.13 in trading in Toronto.
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