The TSX Health Care Index’s rallied in the markets this week. The index climbed over 8.5 per cent on Tuesday alone offering index investors an attractive return.
But interestingly, it is not healthcare companies that are boosting this growth. The sector has riding high on pot rush, as prices of weed stocks hit the roof.
Currently, Canopy Growth Corporation (TSX: WEED) and Aphria Inc (TSX: APHA) are two of the top constituents of the index with a combined market cap of C$ 32.888 billion, which is over 67 per cent weightage of the top 10 constituents of the healthcare index.
2. Reddit Valuation Soars To $6 Billion Social media and communities’ platform Reddit raised $250 million in series E funding recently. With this fresh funding, the value of the social media platform shot up to $6 billion, double the valuation in 2019, which was around $3 billion.
3) Air Canada Announces Layoffs, Route Cuts Air Canada plans to temporarily lay off about 1,500 of its unionized workers and an undisclosed number of management-level employees.
The air carrier will also temporarily suspend service on 17 international routes. As Air Canada announced the downsizing and route cuts on Tuesday, its stocks sank by 0.69 per cent to close at C$ 21.5.