TSX closes at record high as Canopy Growth & Aurora Cannabis rally - Kalkine Media

Published on November 12, 2021 01:30 AM EST

TSX closes at record high as Canopy Growth & Aurora Cannabis rally — Image source: Copyright © 2021 Kalkine Media

The TSX Composite Index on Friday, November 12, grew 0.86 per cent, 186.55 points, to set a new all-time closing high of 21,768.53 points. The healthcare sector gained almost five per cent, led by cannabis stocks. In fact, the top two gainers Friday were Canopy Growth and Aurora Cannabis Inc.

With the GOP expected to introduce a bill south of the border, the US could finally see marijuana legalized soon. The Democrats have generally been for legalization. Canadian pot stocks have been rallying since the news broke November 8. The S&P/TSX Cannabis Index gained nearly nine per cent Friday and is up 22.28 per cent month-to-date.

IT gained over four per cent and base metals and financials were up as well. With the traditionally strong holiday season, there is every chance the benchmark index can break the 22,000-mark before 2022.

One-year price chart (November 12). Analysis by Kalkine Group

Volume active

Enbridge Inc was easily the most traded stock with 28.96 million shares trading hands as it continued to hemorrhage with the Line 5 pipeline still in limbo. It is certain to be discussed at next week’s ‘Three Amigos’ summit. The ENB stock lost 3.65 per cent Friday.

Aleafia Health Inc saw 9.7 million shares switch ownership, making it the second most traded stock and HEXO Corp saw 8.23 million shares exchanging hands.

Movers and laggards

Wall Street update

The ‘Three Amigos’ summit was last held in 2016 when President Barack Obama hosted Prime Minister Justin Trudeau and President Enrique Peña Nieto. Trump while president shelved the summit. Biden is set to host the summit November 18. Apart from Line 5, they are set to discuss tax credits for US-made EVs which Canada says will hurt the broader auto industry across the continent and result in job losses.

The three main indices began to rally by late morning and were able to post gains. The Dow was up 179.08 points, 0.5 per cent, to 36,100.31 points. The S&P 500 grew by 33.58 points, 0.72 per cent, to 4,682.85 points and Nasdaq by 156.68 points, or one per cent, to 15,860.96 points.

Gold up, oil plummets

Gold was up 0.25 per cent and traded at US$ 1,868.50. Brent oil fell 0.84 per cent to US$ 82.17/bbl, while crude oil plunged 0.98 per cent to US$ 80.79/bbl.

Loonie up

The loonie gained 0.28 per cent against the US dollar, while USD/CAD ended in the red at 1.2542. The US Dollar Index lost 0.05 per cent against the basket of major currencies Friday and ended at 95.13.

Money market

The US 10-year bond yield fell 0.54 per cent Friday to 1.570 while the Canada 10-year bond market was down by 1.3 per cent to 1.675.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Incorporated (Kalkine Media), Business Number: 720744275BC0001 and is available for personal and non-commercial use only. The advice given by Kalkine Media through its Content is general information only and it does not take into account the user’s personal investment objectives, financial situation and specific needs. Users should make their own enquiries about any investment and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media is not registered as an investment adviser in Canada under either the provincial or territorial Securities Acts. Some of the Content on this website may be sponsored/non-sponsored, as applicable, however, on the date of publication of any such Content, none of the employees and/or associates of Kalkine Media hold positions in any of the stocks covered by Kalkine Media through its Content. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used in the Content are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used in the Content unless stated otherwise. The images/music that may be used in the Content are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.