Toronto Stocks Falter, Pulled Down by Technology and Communications Shares

By Robb M. Stewart

Shares on Canada’s main exchange began the week on the back foot as investors await the outcome of the U.S. election.

In midday trading, the Toronto Stock Exchange’s S&P/TSX Composite Index was 0.3% lower at 24171.76. Losses were led by technology and communications stocks, which more than offset broad gains that were topped by energy shares.

The blue-chip S&P/TSX 60 was down 0.4% at 1444.33.

BCE was 9.9% lower at C$40.39 after the telecom company struck a roughly C$5 billion deal to buy U.S. regional broadband provider Ziply Fiber but paused dividend increases to help rebuild its balance sheet.

Among energy names, Athabasca Oil was up 3.7%, Canadian Natural Resources gained 0.6% and Cenovus Energy was ahead 2.5%. Oil prices were boosted after the Organization of the Petroleum Exporting Countries and its allies extended production cuts already in place by one month until the end of the year.

Other market movers:

Brookfield Asset Management was among the biggest drivers of the market, advancing 6% to C$78.67 after the asset manager posted a rise in third-quarter earnings as it saw growth in fee-bearing capital thanks to strong fundraising and additional strategic partnerships.

Shares of WELL Health Technologies were up 0.9% at C$4.43 after the healthcare company moved to expand its network of clinics with a deal to buy the Canadian operations of Jack Nathan Medical for C$5 million, giving it the right to operate clinics in Walmart Canada stores.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

11-04-24 1229ET