By Ketki Saxena
Investing.com -- Toronto's main stock index, the S&P/TSX Composite index started a shortened week after the Civic Holiday on a weak note, pressured by a decline in materials shares after Chinese import data came in weaker than expected,
Data showed China's imports dropped 12.4% in July from a year ago, vastly lower than an estimated decline of 5%, while exports were down 14.5%, compared to expectations for a 12.5% decline.
Heavyweight Financials meanwhile also pressured the Toronto Index after Moody's Monday ratings cut on several small and mid-size US banks, and further warned ratings cuts for larger lenders may be on the way.
The commodity-heavy TSX did get a boost however from crude prices, which shrugged off China driven losses by noon as investors looked ahead to US Petroleum balances due later in the day.
Toronto Stock Market News
Barrick Gold (NYSE:GOLD) reported US$305 million in net income for the quarter ended June 30, compared to US$488 million during the same period a year earlier. On an adjusted basis, net earnings fell to 19 cents per basic share from 24 cents per basic share. Revenues came in at US$2.83 billion, down from US$2.86 billion this time last year.
Restaurant Brands International (TSX:QSR) posted a second-quarter net income of US$351 million, up from US$346 million the year before. Diluted ted earnings per share came in at 85 cents versus 82 cents per share a year earlier. Revenue climbed to US$1.78 billion, up from US$1.68 billion a year earlier.
Tilray Inc (TSX:TLRY) announced its all-cash acquisition of eight craft beer brands from Anheuser-Busch for US$85 million, as the cannabis company seeks to expand its US beverage portfolio.
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In Canadian Economics
Canada's trade deficit increased to C$3.73 billion ($2.77 billion) in June from May, the largest deficit in nearly 3 years, as exports dropped 2.2%, outpacing a 0.5% decline in imports, data showed. Analysts in a Reuters poll had forecast a trade deficit of C$2.90 billion.