Update: TSX Posts 35-Point Gain, Paced by Cannabis Stocks, Energy Stocks Weigh on Weaker Crude Prices

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Canada’s main stock market edged higher on Friday, posting its sixth straight positive session. The S&P/TSX Composite Index gained 35 points or 0.32 to close at 14,939. For the week, the TSX climbed more than 500 points or about 3.5%. The rally south of the border fell short today with the Dow Jones and S&P 500 little changed while the Nasdaq dropped 14 points.

Healthcare led advancers on the TSX, rising 3%. Most other sectoral gains were modest, with energy up just 0.1% as crude oil fell by $1 per barrel to settle at US$51.590. Financials added 0.2% while materials also rose 0.2% as gold prices failed to break through the $1,300 per ounce level.

Cannabis stocks were the most active share on the TSX Friday. Aurora Cannabis (ACB.TO) added 7%, Aphria (APH.TO) gained 5% while Green Organic Dutchman (TGOD.TO) jumped 10%. Encana (ECA.TO) was up 2% as energy stocks were mainly lower.

There were no economic reports today in Canada. The U.S. December CPI tracked estimates with a -0.1% headline fall and a 0.2% core increase. Canada’s December CPI is due next Friday. RBC expects the year-over-year rate to fall slightly to 1.6%, based on a 0.4% monthly decline.

The Canadian dollar lost ground today on weaker oil prices , to 75.35 US.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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