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TSX Declines; Shopify Shares Rise; Lion Electric Slashes Workforce

Published 2023-11-27, 02:26 p/m
© Reuters.

By Ketki Saxena

Investing.com – Canada’s main stock index, the S&P/TSX Composite, traded on a negative note as risk sentiment remained uncertain ahead of earnings from Canadian banks, and key US economic data.

The commodity heavy Canadian index was also pressured by weak crude prices ahead of an OPEC+ meet, weighing on the heavyweight energy sector.

Wall Street meanwhile traded on a mixed note as investors await the U.S. Federal Reserve’s preferred inflation gauge, PCE data for October.

Markets will also be keenly watching a host of Fed officials due to speak this week, including Fed Chair Jerome Powell.

Toronto Stock Market News

Shares of Shopify (TSX:SHOP) rose after the company reported strong Black Friday sales data with sales merchants totaling $4.1 billion and up 22% from the year prior.

Lion Electric (TSX:LEV) Co. announced it will cut 10% of its total workforce, or 150 jobs as it seeks to reduce cost and improve profitability.

Baytex Energy Corp (TSX:BTE). announced it has signed a deal to sell some assets in Southwest Saskatchewan.. Baytex will sell some of its Viking assets for $153.8 million, with net proceeds used to reduce its bank debt.

For earnings, view our earnings calendar.

Toronto Stocks Moving Markets Today

Top Gainers on the TSX Today:

  • Osisko Mining (TSX:OSK)
  • Shopify Inc (TSX:SHOP)
  • Seabridge Gold (TSX:SEA)

Top Losers on the TSX Today:

  • Lithium Americas (TSX:LAAC)
  • Lundin Mining (TSX:LUN)
  • Ero Copper (TSX:ERO)

For all Toronto Stocks Moving Markets today, view our Canada Markets Page.

In Canadian Economics

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No major Canadian economic data

For all Canadian economic releases, view our economic calendar.

All currencies Canadian Dollar unless noted otherwise.

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