Toronto Stocks Slide as Tech Sector Drags; Shopify Drops on Workforce Cut

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By Adriano Marchese

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Stocks in Toronto were firmly lower mid-trading Tuesday. Canada’s tech sector posted the largest declines in the session, with only utilities and materials in the green. The main culprit of tech’s decline was Shopify Inc., whose shares fell after its chief executive told staff that layoffs amounting to 10% of its global workforce are necessary as consumers resume old shopping habits and pull back on the online orders.

Canada’s S&P/TSX Composite Index was down 0.82% to 18948.62. The blue-chip S&P/TSX 60 was also down 0.81% at 1146.92.

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Toronto-listed shares in Shopify tumbled 15% to C$39.88 after it said it is cutting roughly 1,000 workers from its global workforce, rolling back a bet on e-commerce growth the technology company made during the pandemic.

Other market movers:

Well Told Co. It rose by as much as 11% in early trading before settling flat at midday after it said its income was positive for the first time in its history for its second quarter, and that it will focus on sustainable profit going forward. Shares are currently unchanged at C$0.05.

Write to Adriano Marchese at [email protected]

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Credit: www.marketwatch.com /

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