February 7, 2018 / 3:22 PM / 2 years ago

CANADA STOCKS-TSX gains modestly as financial, cannabis shares rise

(Adds stocks, details, updates prices)

Feb 7 (Reuters) - Canada’s main stock index rose modestly on Wednesday, supported by gains in Manulife Financial and the banking sector, as well as a bounce-back in shares of cannabis companies.

* At 10:04 a.m. ET (15:04 GMT), the Toronto Stock Exchange’s S&P/TSX composite index edged up 25.58 points, or 0.17 percent, at 15,389.51.

* The Toronto market was also following a cautiously upbeat tone on Wall Street after a global equities rout on Monday.

* Cannabis producers were among the most actively traded, including Canopy Growth, which was among the biggest advancers on the index, up 6.7 percent at C$30.73.

* Marijuana shares had come under pressure in recent weeks but have begun to perk back up. Aphria rose 4.9 percent to C$17.45, while Aurora Cannabis rose 7.1 percent to C$12.35.

* Canada is in the process of legalizing recreational marijuana this year. The country’s health minister said on Tuesday that cannabis will only go on sale a few months after it is legalized to give the provincial retail system time to start working properly.

* Manulife Financial rose 0.7 percent to C$25.27 after sources said it was weighing the sale of a number of U.S. insurance assets.

* The financials group gained 0.2 percent. Toronto Dominion Bank rose 0.3 percent to C$71.89, while Bank of Nova Scotia rose 0.2 percent to C$78.32.

* The TSX posted 1 new 52-week highs and 8 new lows. Across all Canadian issues there were 6 new 52-week highs and 18 new lows.

* Volume on the TSX index was 37.45 million shares. (Reporting by Leah Schnurr; Editing by Bernadette Baum)

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