On Wednesday, the Canadian market saw a decline, reversing the record highs established in the previous session, primarily due to downturns in the energy and consumer discretionary sectors. The cautious atmosphere persisted in the absence of major catalysts.
The benchmark S&P/TSX Composite Index, which initially surged to 23,962.14 in early trading, later dropped to a midday low of 23,876.85 before closing at 23,905.88, marking a decrease of 46.34 points or 0.19%.
Magna International (MG.TO) experienced a significant drop of nearly 5.5%. Similarly, Precision Drilling Corporation (PD.TO) declined by 4.1%, while ATS Corporation (ATS.TO) fell by 3.5%.
Companies such as Dayforce (DAY.TO), Linamar Corporation (LNR.TO), BRP Inc (DOO.TO), and RB Global (RBA.TO) saw losses ranging from 2% to 3%. Boyd Group Services (BYD.TO), Canadian National Railway (CNR.TO), TFI International (TFII.TO), and West Fraser Timber (WFG.TO) also ended the session with notable declines.
AGF Management Limited (AGF.B.TO) reported an adjusted net income of $24.5 million ($0.37 adjusted diluted EPS) for the quarter ending August 31, 2024, compared to $23.6 million ($0.35 adjusted diluted EPS) for the quarter ending May 31, 2024, and $22.9 million ($0.34 adjusted diluted EPS) for the same period the previous year. The stock closed with a loss of approximately 3.5%.
Conversely, Lightspeed Commerce (LSPD.TO) surged by 13.3% following reports that the payment software company is working with advisors to explore strategic options, including a potential sale. The company is reportedly engaging JP Morgan bankers to review its alternatives and attract interest from potential buyers, including private equity firms.
Aya Gold & Silver (AYA.TO) rose nearly 6.5%, and Pollard Banknote (PBL.TO) gained 5.5%. ATCO (ACO.X.TO) saw a 2.7% increase, while Cameco Corporation (CCO.TO), CCL Industries (CCL.A.TO), Fairfax Financial Holdings (FFH.TO), and TC Energy Corporation (TRP.TO) each gained about 2%.
Additionally, Celestica Inc (CLS.TO), Rogers Communications (RCI.A.TO), Franco-Nevada Corporation (FNV.TO), Wheaton Precious Metals (WPM.TO), Intact Financial Corporation (IFC.TO), and Kinaxis Inc (KXS.TO) ended the session with gains ranging from 1.2% to 2%.
