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Canadian Stock Market Continues Up In New Year
January 4th, 2018 | 10:03 AM | 114 views
Canada's main stock index continued to rise on Wednesday due to the surge of shares of BlackBerry Ltd after it announced a self-driving deal with China's Baidu and by sharp gains for several marijuana producers.
The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index rose 61.56 points, or 0.38 percent, to end the day at 16,371.55. Six of its 10 main groups were up.
BlackBerry advanced 12.9 percent to 16.95 Canadian dollars (one Canadian dallor equals 0.80 U.S. dollar), hitting its highest level since 2013 after saying it will provide the foundational operating system for search engine company Baidu's autonomous vehicle platform, the latest in a string of recent automotive design wins.
Canadian cannabis producers extended sharp rallies in heavy volume as California opened the largest U.S. state market for legal marijuana, with Canada expected to follow by mid-2018. Aurora Cannabis Inc shot up 20 percent to 14.18 Canadian dollars, Canopy Growth Corp soared 10.9 percent to 35.90 Canadian dollars.
Luxury apparel maker Canada Goose Holdings Inc gained 3.6 percent to 41.20 Canadian dollars.
The energy sector rose despite oil prices rising to new 2-1/2-year highs. Cenovus Energy rallied 6.2 percent to 12.94 Canadian dollars and Canadian Natural Resources Ltd added 1.9 percent to 46.59 Canadian dollars.
The materials group, which includes precious and base metals miners and fertilizer companies, edged up 0.7 percent.
Valeant Pharmaceuticals International Inc climbed six percent to 28.86 Canadian dollars after announcing it paid down more of its debt load.
courtesy of XINHUA NEWS AGENCY
by XINHUA NEWS AGENCY
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