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Toronto Stocks Drop as Oil Prices Continue to Sink

By Dean Seal

 

Toronto stocks slipped Tuesday, pulled down by losses in the energy industry amid weakening oil and gas prices.

At midday Tuesday, the S&P/TSX Composite Index was down 1.4% at 18575.12 and the blue-chip S&P/TSX 60 was 1.2% lower at 1133.28.

As oil prices dropped to a 12-week low, stocks in the energy segment dropped 5%. Athabasca Oil Corp. led the decline as its shares retreated 8% to C$2.08, while shares of Baytex Energy Corp. fell 8.5% to C$5.37.

Among the few big gainers on Wednesday was Resolute Forest Products Inc. Its shares soared 64% to $20.47 after the company said it would be acquired by a subsidiary of the Paper Excellence Group.

 

Other market movers:

Shares of Rogers Communications Inc. and Shaw Communications Inc. retreated Wednesday after the companies said an early mediation with the Canadian commissioner of competition hadn't resolved objections to their proposed $16 billion merger.

Roger Communications shares fell 2.5% to C$61.54 while shares of Shaw Communications slid 2.6% to C$37.23.

 

Write to Dean Seal at dean.seal@wsj.com

 

(END) Dow Jones Newswires

July 06, 2022 13:19 ET (17:19 GMT)

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