Toronto stock index trades at record high in late-morning, loonie down

Toronto stock index hits high while U.S. markets mixed Loonie lower    
     The Canadian PressJun. 20 2018 10:30

TMX Group tickers zoom across banners in Toronto on May 10, 2013.

Canadian stocks surged to a record high on Wednesday, driven by soaring cannabis stocks and a rebound in the energy sector.

The drop in energy stocks helped push the S&P/TSX composite index down 85.80 points to close at 16,335.15.

The benchmark stock index also eclipsed its record intraday high of 16,421.42 on Wednesday, hitting a new high of 16,444.45 at 3:24 p.m. ET.

Leading the index were Canopy Growth Corp, up 6.7 percent, MEG Energy Corp, up 6.4 percent, and Bombardier Inc, up by 5.5 percent.

Kavcic said he doesn't expect the momentum to continue, as he doesn't see oil prices rising much beyond current levels and believes tighter monetary policy and slower credit growth will weigh on Canadian financials. On Tuesday, the Senate voted to pass the cannabis bill, which will open up the market for Canadians to purchase recreational marijuana legally later this year.

The TSX is up 1.3 percent for the year.

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"We'll take the silver lining that it is positive, it is a record high, but it's not really surging, especially when you compare it to something like NY", said Currie.

"One of the at least positive effects is it makes Canadian stocks more appealing to foreign investors, because they're by definition cheaper".

The loonie has faced pressure from trade concerns over NAFTA negotiations, but its fall more attributable to increased favour for the USA dollar as the Federal Reserve raises rates amid a strong economy.

US stocks sank yesterday as trade tensions intensified, causing the Dow Jones industrial average to close down nearly 300 points, having erased all of its gains for the year during the session.

The Canadian dollar was trading at 75.28 cents U.S., down from Tuesday's average value of 75.32 cents US. The S&P 500 index added 4.73 points to 2,767.32, while the Nasdaq composite index gained 55.92 points to 7,781.51, a record high.

Gold prices sank $2.80 to $1,275.80 U.S.an ounce.

The August crude contract for West Texas Intermediate closed at $65.71 United States per barrel, up 81 cents.

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