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Summary
- The TSX index climbed by 1.12 per cent to 18,027.57 at close on January 7.
- With the Biden administration set to take over the White House by this month end, cannabis stocks are recording quite a boost.
- The S&P/TSX Capped Consumer Discretionary Index touched a record high of C$ 240.6.
The S&P/TSX Composite Index, the benchmark Canadian bourse, hit a record high level of over 18,000 points on Thursday. The jump was reportedly driven by Democrat Joe Biden’s victory affirmation in the US Senate and the hopes of a stimulus package extension south of the border.
The TSX index, up 3.41 per cent year-to-date, climbed by 1.12 per cent to 18,027.57 at close on January 7, breaking the previous record of 17,944.06 seen in February last year before the coronavirus pandemic hit the markets.
With the Biden administration set to take over the White House by this month end, cannabis stocks are recording quite a boost. The S&P/TSX cannabis index registered a growth of about 2.36 per cent on Thursday, while the S&P/TSX Capped Health Care Index, which comprises many pot stocks, was up 1.5 per cent.
The energy sector also zoomed by 1.52 per cent on Thursday as crude oil prices in the US remained unchanged per barrel. Tech and metal and mining stocks too helped push the TSX benchmark up, with the indexes climbing about 2.3 per cent and 2.5 per cent, respectively.
©Kalkine Group 2021
Who were the top gainers on the TSX on Thursday?
Stocks of energy company Ballard Power Systems Inc (TSX:BLDP) reached its highest level in 10 years on Thursday, up 15.6 per cent to C$ 35.6. Canada’s biggest public company Shopify Inc (TSX:SHOP) also saw its stocks by 6.9 per cent.
The S&P/TSX Capped Consumer Discretionary Index touched a record high of C$ 240.6.
The TSX composite’s record surge came hours after hundreds of pro-Trump supporters stormed the US Capitol Hill on Wednesday in a failed attempt to stop the Congress from formally certifying Biden’s election victory.
