Canada stock index hits one month high as Canopy Growth jumps

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Canada stock index hits one month high as Canopy Growth jumps

Oct 14 Reuters - Canada's main stock index hit a one month high on Thursday, as Canopy Growth Corp lifted gains in healthcare stocks and stronger commodities led energy and mining shares.

ET 1350 GMT the Toronto Stock Exchange's S&P TSX Composite index was up 142.24 points or 0.69% to 20,760. Canada's Canopy Growth Corp rose 3.6% after declaring it would buy weed gum product Wana Brands for $297.5 million, as the world's biggest pot producer looks to expand into the U.S. cannabis market.

The energy index rose 1.5%, touching its highest level since Jan. 2019 as crude prices jumped more than 1%.

The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.9% as gold prices hit a one-month high on dollar strength and an easing in U.S. bond yields.

The Canadian market is getting a nice boost from a rally in the United States, coupled with the rally in oil and gold prices, said Colin Cieszynski, chief market strategist at SIA Wealth Management.

After snapping a seven-month win streak in September, the Canadian equity index has gained 2.7% this month so far, aided by strength in commodity prices and hopes for a steady economic recovery.

Barrick Gold Corp gained 0.4% after the miner reported a nearly 5% rise in third-quarter gold production from the previous three months as output jumped at its Veladero mine in Argentina.

Aritzia Inc. and First Quantum Minerals Ltd were the largest percentage gainsers in the TSX.

The TSX posted 17 new 52 week highs and no new lows on Monday.