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.
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.
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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