By Adriano Marchese
Toronto stocks were firmly lower Thursday by mid-morning, with the technology sector leading the declines. Among the session’s worst performing sectors were technology services, process industries and technology stocks. In line with the day’s trend, shares of Toronto-listed Shopify Inc. fell after posting a loss in the first quarter as revenue rose just short of expectations.
By noon, a selloff sent the Canadian S&P/TSX Composite Index down 2.27% to 20704.14, and the blue-chip S&P/TSX 60 was down 2.15% to 1253.52 .
Shares of Shopify Inc. fell 17% to C$514.34 after posting a net loss of $1.47 billion from a profit of $1.26 billion a year ago, while Revenue rose to $1.2 billion from $988.6 million, but misses the analyst exceptions of $1.24 billion. The e-commerce platform also announced an agreement to acquire fulfillment technology provider Deliverr Inc.
Other market drivers:
Bombardier Inc.’s stock fell 6.8% to C$1.23 per share after announcing it posted a net loss in the first quarter as revenue fell 7%.
SNC-Lavalin Group Inc. fell more than 11% to C$25.57 after reporting lower first-quarter profits despite better-than-expected revenue for the period.
Breaking the trend, shares of Sleep Country Canada Holdings Inc. rose 4.7% to C$26.26 after the company reported earnings more than doubled and better-than-expected sales amid a tough macro environment.
Write to Adriano Marchese at [email protected]