Toronto-listed stocks began the week with a downturn, as indexes dropped sharply on Monday, pushing the Canadian benchmark indexes further into negative territory for the year. The S&P Global (NYSE:SPGI) Canada manufacturing purchasing managers index continued its contraction in September, dropping to 47.5 from 48.0 in August, indicating a persistent decline as the metric falls below the 50 threshold.
Most sectors traded lower during the session, led primarily by health services, materials, and utilities. The only sector recording gains in the session was consumer durable shares.
Notably, shares of Laurentian Bank of Canada (TSX:LB) fell by 4.6%, to 28.89 Canadian dollars (US$21.31), following the departure of Chief Executive Rania Llewellyn and Chair Michael Mueller in the aftermath of a network outage last week that disrupted online banking services.
In other market movements, shares of HealWell AI, previously known as MCI Onehealth Technologies Inc (TSX:AIDX), surged nearly 35%, to C$0.74. The increase followed the closure of a deal with WELL Health (TSX:WELL) Technologies that allowed them to address liquidity and balance sheet issues.
Global Atomic Corp (TSX:GLO) reported finalizing a letter of intent for the sale of uranium from its Dasa project in Niger. This is the third such agreement, bringing contracted volumes to around 1.5 million pounds per year over the initial five years of operation. Despite this development, shares were down by 6.6%, trading at C$2.13.
Meanwhile,LXRandCo Inc (TSX:LXR) warned it could face liquidity challenges in the fourth quarter due to declining consumer-spending trends impacting revenue.
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