Canadian Stocks Rise for Fifth Week Amid U.S. Shutdown Optimism
(Bloomberg) -- Canadian stocks rose for a fifth straight week, the longest stretch since May, amid strong earnings and optimism that an end to the U.S. government shutdown may be in sight.
The S&P/TSX Composite Index added 0.6 percent to 15,366.05, its highest close since Nov. 7. For the week, the benchmark rose 0.4 percent.
Health-care stocks led the gains in Friday’s session, up 3 percent, as Canopy Growth Corp. jumped 8.6 percent to the highest since Oct. 17, the day Canada legalized recreational marijuana. Piper Jaffray analysts raised their price target on the stock, citing its entry into the U.S. hemp market.
In other moves:
- Linamar Corp. gained 4.8 percent to the highest since November. The auto parts supplier said it plans to buy back up to 4.5 million shares
- Interfor Corp. added 7.1 percent and Canfor Corp. rose 6.3 percent as lumber prices continue to rebound from their 2018 lows
- Cameco Corp. rose 2.8 percent. The company plans to buy about 12 million pounds of uranium this year after shutting mining and milling operations in 2018 due to low prices
- Western Canada Select crude oil traded at a $9.75 discount to WTI
- Gold rose 1.7 percent to $1,308.20 an ounce, topping $1,300 an ounce for the first time in three weeks
- The Canadian dollar strengthened 1 percent to C$1.3224 per U.S. dollar, the biggest gain since September, as the U.S. dollar weakened
- The Canada 10-year government bond yield rose 4 basis points to 1.98 percent
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