Canadian stock markets were somewhat inconsistent on Thursday afternoon, as investors generally kept a cautious stance and avoided major maneuvers.
Certain sectors, such as consumer staples, were demonstrating weakness, but material shares were finding solid backing. Most other sectors, however, were relatively quiet.
The fundamental S&P/TSX Composite Index registered a minor decline of 29.22 points or 0.12%, hitting 21,626.83. Around late morning, it had peaked at 21,799.35.
Canopy Growth Corporation experienced a significant surge, soaring nearly 22%. First Quantum Minerals also saw robust gains, rising by about 10%.
Other stocks on the rise included ATS Corporation, which was up 6.3%, and Rogers Communications with a solid 3.6% increase. Morguard Corporation, Teck Resources, Agnico Eagle Mines, and Canadian Tire Corporation were also gaining, with increases ranging between 1-2.6%.
On the other hand, Lithium Americas Corp suffered a significant fall, plunging by 28%. This sharp drop came in the wake of the company's announcement on Wednesday that it was planning to raise US$275 million through the sale of 55 million common shares at US$5 each in an underwritten public offering, set to close on April 22nd. The company aims to utilise the proceeds to further the construction and development of its Thacker Pass lithium project located in Humboldt County, Nevada.
The stocks performing poorly included Aritzia Inc, registering a 3.7% fall. Others, such as BRP Inc, Celestica Inc, WSP Global, Thomson Reuters, Imperial Oil, Loblaw Companies, Dollarama, FirstService Corporation, and Colliers International, were also down, with declines varying from 1 to 2.6%.
