Canada Stocks: Toronto index up as energy stocks boost

Organigram Global

06/12/2021 15:02

(Updates prices, adds analyst comments)
    By Amal S
    Dec 6 (Reuters) - Energy stocks helped Canada's main stock
index rise on Monday, as oil prices jumped after concerns around
the Omicron coronavirus variant eased, although weakness in pot
producers limited gains. 
    At 9:46 a.m. ET (1446 GMT), the Toronto Stock Exchange's
S&P/TSX composite index  .GSPTSE  was up 53.94 points, or 0.26%,
at 20,687.21.
    The energy sector  .SPTTEN  jumped 1.3% as oil climbed by $2
a barrel on hopes the Omicron coronavirus variant would have a
less damaging economic impact if its symptoms proved mostly
mild.  O/R 
    "Markets are probably going to be volatile until we get
through the Federal Reserve meeting, which is next week and so
there's going to be people that are going to be holding off till
you see if the Fed changes his tone at all," said Gregory
Taylor, portfolio manager at Purpose Investments.    
    The U.S. Federal Reserve is set to meet next week, and
investors expect the central bank to start aggressively
tightening its stimulus.
    Limiting advances was the healthcare sector  .GSPTTHC  down
2.8%, with all major pot producers including OrganiGram Holdings
Inc  OGI.TO , Tilray Inc TLRY.TO , Canopy Growth Corp  WEED.TO ,
Aurora Cannabis Inc  ACB.TO  falling more than 4%.
    Toronto-listed technology stocks  .SPTTTK  fell 1.2%, as Hut
8 Mining Corp  HUT.TO  tumbled more than 13% along with other
cryptocurrency names, as prospects of a hawkish Fed made
speculative assets less attractive.  urn:newsml:reuters.com:*:nL4N2SR2VH  
    The materials sector  .GSPTTMT , which includes precious and
base metals miners and fertilizer companies, lost 0.8% as gold
futures  GCc1  fell 0.1% to $1,779.8 an ounce.  GOL/  

    
    HIGHLIGHTS
    The TSX posted one new 52-week highs and six new lows.
    Across all Canadian issues there were one new 52-week highs
and 37 new lows, with total volume of 54.98 million shares.
 
    
 






 (Reporting by Amal S in Bengaluru; Editing by Amy Caren Daniel)
 ((Amal.S@thomsonreuters.com; within U.S. +1 646 223 8780;
outside U.S. +91 80 6749 3677;))