By Adriano Marchese
Toronto – Stocks in Toronto took a sharp downturn during mid-trading on Tuesday, following the release of a report by Statistics Canada. The report revealed that inflation had risen by 3.3% in July compared to the previous year, surpassing market predictions of only 3%.
The poor performance was widespread across various sectors, with technology, process industries, and health tech experiencing the steepest declines. However, consumer durables and health services managed to post gains in the session.
As of midday, Canada’s S&P/TSX Composite Index had fallen by 1.41% to reach 20,003.73, while the blue-chip S&P/TSX 60 experienced a retreat of 1.47%, ending the session at 1,198.05.
One standout performer amid the market turbulence was Buhler Industries, whose shares climbed nearly 18% to reach 2.69 Canadian dollars (US$2.00). This surge in share price came after the company reported second-quarter revenue of C$67.6 million, a significant increase from C$57.8 million. Consequently, net income also saw a sharp jump from C$1.1 million to C$16.1 million.
Notable Market Movements
While Buhler Industries attracted investor attention with its impressive performance, other companies experienced notable fluctuations:
- Klimat X Developments saw its shares decrease by 7.4% to C$0.13 per share. The company announced plans to raise C$1 million through the sale of units priced at C$0.15 each. These units consist of one common share and one warrant that can be exercised at a price of C$0.25 within two years following the private placement.