TSX flat as glum Shopify forecast outweighs strong Loblaw earnings
- Loblaw rose 0.2% as it beat market estimates for quarterly revenue on increased demand for groceries and other essentials.
Canada's main stock index was flat on Wednesday as underwhelming forecast from e-commerce giant Shopify Inc overshadowed strong earnings from other companies and a lower reading on inflation in June.
Shares in Shopify fell 1.8% as the company reiterated the same outlook since the last two quarters, despite beating second-quarter revenue expectations.
Loblaw rose 0.2% as it beat market estimates for quarterly revenue on increased demand for groceries and other essentials.
Statistics Canada said the country's annual inflation rate in June dipped to 3.1% from a year-over-year increase of 3.6% in May, in part due to downward pressure from the prices of clothing and vegetables.
At 9:58 a.m. ET (1358 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 1.96 points, or 0.01%, at 20,171.39.
TSX drops as commodity-linked stocks weigh
Four of the index's 11 major sectors were higher, led by the healthcare sector.
The energy sector dropped 0.1%, while financials gained 0.1%.
On the TSX, 125 issues were higher, while 101 issues declined for a 1.24-to-1 ratio favouring gainers, with 20.99 million shares traded.
The largest percentage gainers on the TSX were Tilray Inc , which jumped 24.3% after quarterly earnings.
Real Matters Inc fell 10.4%, the most on the TSX.
The most heavily traded shares by volume were Bombardier B , Tilray and The Green Organic Dutchman.
Canada's annual inflation rate slows but remains above Bank of Canada target
The TSX posted no new 52-week high and no new low.
Across all Canadian issues there were 39 new 52-week highs and six new lows, with total volume of 37.94 million shares.
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