By Adriano Marchese

Toronto stocks retreated Monday mid-session, in lock-step with global markets. All eyes are on Wednesday's Bank of Canada meeting where a large 50-basis-point cut to interest rate is expected to be announced. The expectation for a steeper cut comes after Canada logged cooler-than-expected inflation growth data.

Most sectors were in the red at midday, led by outsized declines in commercial services, transportation and finance. Of the few gainers, energy was the leader, with tech and materials stocks farther behind.

Canada's S&P/TSX Composite Index fell 0.4% to 24730.01 and the blue-chip S&P/TSX 60 declined by 0.4% to 1480.14.

Shares of Canada Goose fell by 7.1% to 14.41 Canadian dollars ($10.44) after Brooke Roach of Goldman Sachs downgraded Canada Goose to sell from neutral and set a price target to US$9 target, down from US$11. The analyst said that the downgrade reflects the company's competitive challenges and slowing brand momentum. In New York, shares trading 7.4% lower at $10.40.

Other market movers:

Canadian gold producers were again among the top gainers in the session as gold continued to hit new highs, reaching $2,713.70 an ounce. Among the biggest gainers of the session were MAG Silver, Seabridge Gold, Pan American Silver and First Majestic Silver.

Metro is expanding its Moi loyalty program into Ontario after launching in Quebec last year. Shares inched down 0.2% to C$84.57.

Largo said that it has increased its quarterly production of vanadium oxide, a key compound used in the production of superconductive magnets, and secured a contract for its supply worth $23.5 million. Shares rose as high as C2.94 before settling again flat at C$2.80.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

October 21, 2024 12:23 ET (16:23 GMT)

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