Most sectors in the Toronto stock market experienced a slight decline on Monday. The consumer discretionary, materials, and process industries stocks saw the biggest decrease, while the tech sector was the only one to post gains.
Canada’s S&P/TSX Composite Index was down 0.28% at 20,273.92. The blue-chip S&P/TSX 60 also fell by 0.13% to 1,224.50.
Gildan Activewear appoints new CEO
Gildan Activewear shares took a hit, dropping 10% to CAD 44.64 ($32.86). The company announced that Vince Tyra would be taking over as the new chief executive, replacing long-time head Glenn Chamandy. In a separate statement, Chamandy, who co-founded the company with his brother, revealed that his contract was terminated due to conflicting views on the company’s direction.
Other notable market movements
- Secure Energy Services saw its shares spike by 7.8% to CAD 8.48 after agreeing to sell 30 energy waste treatment and disposal facilities to Waste Connections for CAD 1.08 billion. Waste Connections shares also went up by 1.6% to CAD 191.01.
- Manulife Financial experienced a 2.2% increase in shares, reaching CAD 27.67. This followed the announcement of a CAD 13 billion reinsurance deal with Global Atlantic, involving four blocks of legacy and low return-on-equity business.
- ADF Group witnessed a significant rise of almost 16% in shares, hitting CAD 6.81. The company secured new orders valued at CAD 234 million in both the United States and Canada.