By Ketki Saxena
Investing.com – The Toronto Stock Exchange’s TSX traded modaretly lower today, tracking Wall Street as Tesla (NASDAQ:TSLA) shares weighed on the S&P500, and increasing US jobless claims stoked worries of a weakening labor market, weighing on risk sentiment.
The commodity heavy Canadian index was also pressured by crude prices on worries of demand destruction as economic growth slows.
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A key shareholder at Teck Resources (TSX:TECKa) Ltd., Sumitomo Metal Mining, says it plans to vote for Teck’s proposal to separate its metals and coal operations, providing a challenge to Glencore’s takeover bid. Sumitomo holds 18.9% of Teck's class A shares, as well as a 49% stake in Temagami Mining Co. Ltd., which in turn holds 55% Teckʼs class A shares. Sumitomo also holds 0.1% of Teck’s class B shares.
TD Bank (TSX:TD) announced that its takeover of First Horizon Corp is unlikely to close by the proposed deadline, though the bank remains engaged in talks about a “possible extension.” Analysts widely expect TD to renegotiate the deal after First Horizon shares slid to well below TD’s offer price in the wake of the banking crisis, although the bank also has the possibility to walk away from the deal by not extending the upcoming deadline.
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