January 15, 2018 / 12:31 PM / 2 months ago

Gold miners and pot stocks push TSX higher

TORONTO (Reuters) - Canada’s main stock index gained on Monday, boosted by a bounce-back in shares of cannabis producers and sharp gains for gold miners as bullion prices hit a four-month high.

The Toronto Stock Exchange sign is seen in Toronto, Ontario, Canada July 6, 2017. REUTERS/Chris Helgren

* The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE closed up 63.63 points, or 0.39 percent, at 16,371.81. Seven of its 10 main sectors were higher, while consumer staples and discretionary groups weighed.

* The materials group, which includes precious and base metals miners and fertilizer companies, added 1.6 percent as a weaker U.S. currency boosted the price of gold to its highest since September.

* Some of the world’s biggest gold miners were among the index’s most influential gainers, with Goldcorp Inc (G.TO) jumping 6.8 percent to C$19.10 and Barrick Gold Corp (ABX.TO) up 3.2 percent at C$19.49.

* Cannabis companies bounced back after heavy losses late last week, with Canopy Growth Corp (WEED.TO) jumping 12.8 percent to C$36.50 and Aphria Inc (APH.TO) surging 20.4 percent to C$21.70.

* Cannabis companies have broadly jumped in recent months as Canada moves towards legalizing recreational use, but investors booked some profits last week after the U.S. federal government rescinded an order that had eased enforcement of federal law in states where the drug has been made legal.

    * BlackBerry Ltd (BB.TO), which launched new cybersecurity software which identifies vulnerabilities in programs used in self-driving cars, ended 2.8 percent higher at C$17.48.

    * The energy group climbed 0.4 percent as oil prices hovered near a three-year high, while financials gained 0.2 percent, with Sun Life Financial Inc (SLF.TO) up 2.8 percent at C$53.78 after two brokerages raised their price targets on the stock.

    Reporting by Alastair Sharp; Editing by Nick Zieminski and Diane Craft

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