By Wednesday afternoon, the Canadian market saw a decline, with investors largely hesitant to make significant moves amid rising tensions between Ukraine and Russia. Additionally, concerns regarding the global economic growth outlook and uncertainty surrounding interest rates contributed to the subdued sentiment.
The S&P/TSX Composite Index fell by 82.66 points, representing a 0.33% drop, settling at 24,928.11.
Within the Consumer Discretionary sector, the index decreased by 1.3%. Notable decreases were observed in Dollarama Inc., which fell by 3%, and BRP Inc., which declined by 2.7%. Aritzia Inc. and Spin Master Corp. reported losses of 1.8% and 1.6%, respectively.
Silvercorp Metals experienced a significant downturn, plunging 13.4%. This drop followed the company's announcement of a US$130 million private placement offering for convertible senior notes due in 2029. Additionally, the company may offer initial purchasers an option to acquire up to an additional US$20 million in notes.
Endeavour Silver Corp. also faced a decline, with its stock down by 10.7%. The decrease came after the company secured an agreement with a syndicate led by BMO Capital Markets for the bought-deal purchase of 15,825,000 common shares at US$4.60 per share.
Other notable performers were Terravest Industries, Dollarama Inc., Hut 8 Corp., BRP Inc., Cargojet, TC Energy Corp., Stella-Jones Inc., Shopify Inc., Alimentation Couche-Tard, and GFL Environmental, along with Royal Bank of Canada, which saw declines ranging from 1% to 3%.
Conversely, Tourmaline Oil Corp., Dye & Durham, Tecsys Inc., Arc Resources, West Fraser Timber, and Rogers Communications recorded gains, with increases ranging from 2% to 4%.
