Canadian Market At Record High; Cannabis Shares Shine – Nasdaq

(RTTNews) – The Canadian stock market opened on a firm note and was modestly higher at noon on Wednesday amid optimism the phase one trade deal to be signed by the U.S. and China will help ease trade tensions and positively impact global economic growth.

Healthcare stocks moved up sharply. Information technology and consumer staples shares were among the other prominent gainers. Energy stocks were weak, while materials, financial, consumer discretionary and industrial shares were turning in a mixed performance.

The benchmark S&P/TSX Composite Index was up 43.18 points, or 0.25%, at 17,396.08, a few minutes past noon, after having advanced to a fresh record high of 17,408.12 earlier.

The Capped Healthcare Index was up as much as 3.75%. Hexo Corp (HEXO.TO) rallied 14% and Aurora Cannabis (ACB.TO) soared nearly 11%. Cronos Group (CRON.TO) amd Aphria Inc. (APHA.TO) were up 7.5% and 6%, respectively. Canopy Growth Corp (WEED.TO) gained about 4% and Knight Therapeutics (GUD.TO) was up 3.1%, while Baush Health Companies (BHC.TO) gained about 1.6%.

Organigram Holdings Inc. (OGI.TO) shares soared more than 40% after the company’s first quarter net revenue more than doubled to $25.2 million from $12.4 million in the first quarter of 2019.

Yamana Gold (YRI.TO) gained about 3.2%, Shopify Inc. (SHOP.TO) gained 2%, Agnico Eagle Mines (AEM.TO) advanced 1.6%, Franco-Nevada Corporation (FNV.TO) advanced 1.4% and Kinaxis Inc. (KXS.TO) gained about 1.3%.

Cogeco Communications Inc. (CCA.TO) shares were down more than 7% at noon as results fell short of expectations. The company said its revenue increased by 1.8% in the first quarter of 2020 compared to the same period of the prior year to reach $586.8 million. Adjusted EBITDA was $282.1 million in the first quarter, an increase of 5.3% over the year-ago quarter, the company said.

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