Toronto stock index hits high after Senate approves cannabis bill

The health care group, which includes some of the Canada’s biggest marijuana companies, headed higher. (File image via Canadian Press)
The health care group, which includes some of the Canada’s biggest marijuana companies, headed higher. (File image via Canadian Press)

TORONTO — Canada’s main stock index hit a record high in late morning trading Wednesday, boosted by a broad-based rally on the market.

The S&P/TSX composite index was up 97.66 points to 16,414.19, after 90 minutes of trading — just off its high of 16,424.82 for the day, which was above the previous record of 16,421.42.

The strength on the Toronto market came as the influential energy, financial and technology sectors all traded higher.

The health care group, which includes some of the country’s biggest marijuana companies, also headed higher. The Senate voted Tuesday to pass the government’s cannabis bill, paving the way for Canadians to be able to legally purchase and consume recreational marijuana later this year.

In New York, the Dow Jones industrial average was down 60.80 points to 24,639.41. The S&P 500 index was up 2.64 points to 2,765.23 and the Nasdaq composite index was up 47.44 points to 7,773.03.

The gains on the stock market came as the loonie continued to come under pressure amid rising U.S. interest rates and trade fears, especially related to NAFTA, falling to its lowest level since this time last year.

The Canadian dollar was trading at 75.22 cents US, down from an average value of 75.32 cents US on Tuesday.

The August crude contract was up 71 cents to US$65.61 per barrel and the July natural gas contract was up six cents to US$2.96 per mmBTU.

The August gold contract was down $2.30 cents to US$1,276.30 an ounce and the July copper contract was down two cents to US$3.03 a pound.

The Canadian Press

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