Canadian Stocks Open Lower Despite Gain in Pot Stocks

(Bloomberg) -- Canadian stocks were lower Monday, with the S&P/Toronto Stock Exchange Composite Index dropping 0.37 percent. U.S. stocks also opened lower after shares dropped in Europe and most of Asia on Monday as investors struggled to drum up any optimism following a roller-coaster few weeks.

Real estate and telecom stocks led the declines in Toronto, while tech and materials led the advances.

Aurora Cannabis posted C$29.7 million ($22 million) in revenue for the fiscal first quarter ended Sept. 30, up from C$8.2 million a year earlier. Although the quarter ended before Canada legalized recreational marijuana on Oct. 17, the revenue figure included C$600,000 in sales to the provinces. The remainder was from medical sales. Aurora’s products and brands ranked among the top-sellers in many of the provinces it supplied in the first two weeks of legalization, the company said in a statement Monday.

The Canadian dollar is one of the best performers in the Group of 10 Monday, buoyed by climbing oil prices and rising against the greenback even as most of its peers slide against the U.S. currency.

Stocks

  • Interfor Corp dropped 5.9 percent
  • Aphria Inc. fell 5.0 percent
  • Kinaxis Inc. sank 4.3 percent after reporting lower-than-estimated third-quarter results Friday
  • NuVista Energy gained 3.9 percent as the company said in its 3Q earnings statement that it sees moderating Canadian oil price differentials

Commodities

  • Western Canada Select crude oil traded at a $42.50 discount to WTI
  • Gold lost 0.23 percent to $1,205.00 an ounce

FX/Bonds

  • The Canadian dollar dropped 0.01 percent to C$1.32066 per U.S. dollar
  • The Canada 10-year government bond yield rose to 2.500%

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