The Toronto stock market saw a slight decline as most of Canada's major banks experienced losses. However, this was offset by broad gains led by Shopify, following its decision to utilize Amazon.com's distribution network.
Key Details
The S&P/TSX Composite Index closed 13.83 points lower at 20316.49 on Thursday, halting a four-session winning streak. Additionally, the blue-chip S&P/TSX 60 was down 0.46 points at 1217.55.
Shopify's stock rose by 8% to reach C$87.73, following its announcement of a new deal that enables merchants on its platform to offer customers the option to purchase items using Amazon Prime benefits.
Other Market Movements
Canadian Imperial Bank of Commerce (CIBC) experienced a 3.1% decrease in shares, falling to C$53.61. CIBC's adjusted earnings per share for the fiscal third quarter missed market expectations due to an increase in provision for credit losses.
Laurentian Bank saw a 2.2% decline in shares, reaching C$37.27. However, the lender reported stronger-than-expected third-quarter earnings per share and a narrowed provision for credit losses.
Cannabis-related stocks performed well following a recommendation by the U.S. Health and Human Services Department to reclassify cannabis as a schedule III controlled substance under U.S. law. Consequently, Canopy Growth rose by 37% to C$0.82, while Aurora Cannabis increased by 9.4% to C$0.70.
Conclusion
In summary, the Toronto stock market experienced a minor setback due to declines in major banks' stocks. Nevertheless, the market was buoyed by the positive performance of Shopify and cannabis-related companies in response to significant developments in their respective industries. We'll continue monitoring these market movements closely.
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