Toronto Stock Market Sees Decline; Teck Resources Gains Amid Copper Production Boost

Amid trading on Thursday, the Toronto stock market experienced a significant dip, recovering only slightly from steeper drops seen earlier in the day. The decline comes in the wake of new economic data revealing that Canada's GDP per capita remains lagging at 2.5% below its pre-pandemic figures. Even more concerning is that it sits 7% under the expected long-term trajectory. Achieving a return to the former prepandemic growth trend over the upcoming decade would require an annual growth rate of 1.7%.

Weak Sectors Lead the Decline

Most industry sectors struggled, with notable downturns seen in commercial services, process industries, and consumer discretionary stocks. Contrastingly, tech sectors showed resilience alongside materials and energy, which made modest gains.

Index Performance

The S&P/TSX Composite Index decreased by 0.3%, falling to 21807.91 points, while the S&P/TSX 60, comprising blue-chip stocks, also saw a 0.3% fall to 1307.51 points.

Teck Resources Outshines Despite Market Gloom

Despite the market gloom, Teck Resources emerged as a winner with a 7.5% surge in its share price to CAD 66.86 (USD 48.79), attributed to its recent report of a spike in copper production. The increase is primarily due to the ramping up at its Quebrada Blanca mine in Chile. This positive news managed to slightly overshadow the impact of its lower-than-anticipated earnings and reduced coal volumes.

Other Notable Market Movers

Bombardier's stock enjoyed an uplift, trading 6.9% higher at CAD 60.91 following the company's assurance that its business jet deliveries remain on schedule, supported by robust orders in the initial quarter. Conversely, Mullen Group's shares faced a downturn, dropping by 8.9% to CAD 13.15 as it reported first-quarter revenues that fell beneath analyst expectations.

stocks, economy, trading