Market Update

September 24, 2018

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latest market wrap

The close: TSX finishes flat as marijuana stocks slip
The close: TSX finishes flat as marijuana stocks slip - Industrials propel Dow to another new high

Canada’s main stock index closed flat Friday despite a jump in energy stocks as oil prices rose on supply concerns ahead of a meeting of OPEC and other large crude exporters.

Energy stocks rose 0.7 per cent led by Imperial Oil Ltd., which saw a 2.5-per-cent increase, and Husky Energy Inc., which gained 2.4 per cent.

The TSX composite index was up 10.25 points, or 0.06 per cent, at 16,225.00.

Three of the index’s 11 major sectors were lower, with the healthcare sector’s 2.5-per-cent fall being the steepest.

Marijuana producers led the health care sector down 2.4 per cent with Canopy Growth Corp. falling 4.6 per cent and Aurora Cannabis Inc. losing 3.4 per cent

In New York, B.C.-based Tilray Inc. was down 30.3 per cent, enduring another day of volatile trading.

The Canadian dollar edged lower against its U.S. counterpart on Friday, but was on track to gain for the second straight week as data showing a pickup in underlying inflation boosted bets for a Bank of Canada interest rate hike next month.

Canada’s annual inflation rate dipped to 2.8 per cent in August from 3.0 per cent in July, the seventh consecutive month it has exceeded the Bank of Canada’s 2.0-per-cent target, Statistics Canada data indicated. All of the central bank’s core inflation measures were 2.0 per cent or higher, for the first time since February 2012.

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