TSX Records Fresh Closing High As Healthcare, Energy Stocks Rally

(RTTNews) - Despite falling from a new high hit at the start of the session and struggling till about a couple of hours past noon to move into positive territory, the Canadian stock market recovered to extend its winning run to an eighth session on Wednesday.

Healthcare and energy stocks hogged the limelight. Industrials were weak, while stocks from other sectors turned in a mixed performance.

The benchmark S&P/TSX Composite Index, which hit a fresh record high of 18,527.88 at the start, ended with a gain of 49.16 points or 0.27% at 18,457.78. The index declined to a low of 18,302.06 around mid morning.

The Capped Healthcare Index surged up 6.74%. Cannabis stocks were on a roll again thanks to fairly strong results, Tilray-Aphria merger prospects, likelihood of legalization and on reports that the sector is getting the support of online messaging platform Reddit

Aurora Cannabis (ACB.TO) soared 21.3%, Cronos Group (CRON.TO) spurted 14.6% and Aphria Inc. (APHA.TO) gained nearly 11%. Canopy Growth Corp (WEED.TO) gained 6.2%.

Organigram Holdings (OGI.TO) skyrocketed 37.5% on fairly strong volumes.

The Capped Energy Index climbed 2%. Enerplus Corp (ERF.TO) surged up 11.6%, Cenovus Energy (CVE.TO) moved up 7.6%, Seven Generations Energy (VII.TO) gained 3.6% and PrairieSky Royalty (PSK.TO) advanced 2.5%, while Suncor Energy (SU.TO), Canadian Natural Resources (CNQ.TO) and Imperial Oil (IMO.TO) ended stronger by 1.3 to 1.8%.

Bomardier Inc. (BBD.B.TO), FirstService Corporation (FSV.TO), Fairfax Financial Holdings (FFH.TO), Shopify Inc. (SHOP.TO) and Constellation Software (CSU.TO) were some of the gainers from other sectors.

Ballard Power Systems (BLDP.TO) plunged 13%. The company announced Tuesday evening athat it has entered into an agreement with a syndicate of underwriters led by TD Securities Inc. and National Bank Financial Inc. as per which the Underwriters will purchase 9,460,000 common shares of the Company at a price of US$37.00 per share for gross proceeds of about US$350 million.

Kinaxis Inc. (KXS.TO), CargoJet (CJT.TO), Precision Drilling (PD.TO), Maxar Technologies (MAXR.TO), Lightspeed POS (LSPD.TO) and Rogers Communications (RCI.A.TO) also ended sharply lower.