Stock markets in Canada closed up on Thursday thanks to boosts from cannabis stocks.
Markets are closed tomorrow for Good Friday.
Canada’s main stock index, the S&P/TSX Composite Index, closed up 0.41% at 16,612.8 points, an all-time high passing the previously high of 16,567.4 reached on July 12, 2018.
The consumer discretionary sector led the way, up 1.7%. The healthcare sector also helped the cause, gaining 1.3%, propelled by Canopy Growth Corporation (TSE:WEED) shares, which shot up 5% on news that it would acquire US-based Acreage Holdings Inc (CSE:ACRG) if cannabis legalization goes forward in the US.
The TSX Venture Exchange closed down on Thursday slipping 0.07% to close at 609.6 points.
The Canadian Securities Exchange jumped on Thursday up 2.5% at 910.6 points.
1:30 pm: Canadian benchmarks mainly higher at lunch ahead of holiday weekend
Canadian benchmarks were mainly higher at the mid-day point, ahead of the holiday weekend.
The market is closed tomorrow for Good Friday.
The S&P/TSX Composite Index is up around 40 points at 16,584 at the time of writing.
But the Venture Exchange is off a tad - around 0.14 - at 609.
The Canadian Securities Exchange (CSE) is up around 15 points at 904.
Against the US dollar, the Canadian currency is down 0.26% to stand at C$0.7471.
Keeping the lid on gains was Rogers Communications Inc (TSE:RCI), which eased around 3% to C$68.80 after it reported a quarterly profit that missed estimates due to lower revenue from its media business.
10:30 am: TSX reaches record high on Canopy Growth's multi-billion-dollar deal for US-based Acreage Holding
Canada’s main stock exchange reached an all-time high on Thursday morning with a new record of 16,587 points.
The TSX settled in around 16,580 points by mid-morning.
The milestone was propelled by Canopy Growth Corporation (TSE:WEED) shares, which shot up over 13% in the morning on news that it would acquire US-based Acreage Holdings Inc (CSE:ACRG) if cannabis legalization goes forward in the US.
Acreage shares were up nearly 7% in the morning, propelling the Canadian Securities Exchange around 3% higher to 918 points.
The TSX Venture Exchange gained 0.3% to sit at 612 points.
Other early movers on the TSX were wireless telecoms company Trilogy International Partners Inc (TSE:TRL), up over 6%, and Alaris Royalty Corp (TSE:AD), which rose around 5%.
Laggards included Village Farm International Inc (TSE:VFF), which sank nearly 5%, and Cascades Inc (TSE:CAS), down over 4%.
On the commodities front, oil prices lost some ground on Thursday morning, with West Texas Intermediate prices down 0.1% to US$63.68. Spot gold prices ticked up only slightly to US$1,274.50.
The Canadian dollar was down 0.3% to US$0.7471.
Contact Angela at angela@proactiveinvestors.com
Follow her on Twitter @AHarmantas