At midday on Friday, stocks in Canada were lower, but they were approaching flat levels from deeper lows earlier in the morning. The S&P/TSX Composite Index, Canada's main stock index, is expected to see a 3% decline for the week, currently sliding by 0.11% to reach 19,790.34. The blue-chip S&P/TSX 60 is also down, falling by 0.13% to reach 1,185.31.
Weighing on the Indexes
The main reason for the decline in the indexes is the losses faced mainly by commercial services and retail trade sectors. However, these losses are offset by gains primarily made by stocks in consumer durables and process industries sectors.
Tilray Brands Acquires Full Control of Truss Beverage
In other news, shares of Tilray Brands have experienced a 2.6% increase, reaching 2.73 Canadian dollars ($2.02). This increase comes after the announcement that Tilray Brands has acquired full control of Truss Beverage. The move is a strategic effort by Tilray Brands to position itself as a leader in cannabis-infused drinks in Canada.
Other Notable Market Movers
There are a few other notable market movers worth mentioning. Brookfield Reinsurance is currently soliciting holders of its class A limited voting shares of Brookfield Corp. to exchange their shares for newly issued Brookfield Reinsurance shares on a one-to-one basis. As a result, shares of Brookfield Reinsurance have risen by 1.6% to C$44.78, while Brookfield Corp. shares have increased by 1.2% to C$44.55.
Furthermore, Calian shares have experienced a 0.8% increase, reaching C$42.02. This increase follows Calian's announcement that it plans to buy back up to 10% of its public float of shares over a one-year period.
Overall, stocks in Canada are currently lower, but they are approaching flat levels compared to earlier in the day. The losses faced in commercial services and retail trade sectors have been partially offset by gains in consumer durables and process industries sectors. Additionally, there have been some notable market movements, such as Tilray Brands acquiring full control of Truss Beverage and Calian's plans for a share buyback.
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