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 firstname.lastname@example.org
(END) Dow Jones Newswires
July 06, 2022 13:19 ET (17:19 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.