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Markets

TSX down as Reddit-fueled rally in cannabis stocks fizzles

  • Healthcare sector fell 9.3% with cannabis stocks leading the fall.
  • Toronto Stock Exchange's S&P/TSX composite index was down 22.02 points, or 0.12%, at 18,435.76.
Published February 11, 2021

Canada's main stock index fell on Thursday, dragged down by stocks of cannabis companies, a day after hitting a record high on the back of a sharp rally in the sector that was fueled by Reddit-inspired retail investors.

Healthcare sector fell 9.3% with cannabis stocks leading the fall.

At 9:44 a.m. ET (14:44 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 22.02 points, or 0.12%, at 18,435.76.

Bombardier Inc said it would end production of its Learjet business aircraft in 2021 and slash about 1,600 jobs to cut costs, after reporting an adjusted loss before interest and taxes for the fourth quarter, as the COVID-19 pandemic hit demand.

Restaurant Brands International Inc on Thursday posted quarterly profit below Wall Street estimates, dented by tepid demand for its Tim Hortons coffee as customers avoided stepping out amid fresh restrictions imposed to tackle COVID-19 cases.

The energy sector climbed 1.1%, even as US crude prices were down 0.1% a barrel, while Brent crude also lost 0.1%.

The financials sector gained 0.7%, while industrials remain unchanged.

The materials sector, which includes precious and base metals miners and fertilizer companies, lost 0.3%. Gold futures were unchanged at $1,841.1 an ounce.

On the TSX, 79 issues advanced, while 130 issues declined in a 1.65-to-1 ratio favoring losers, with 31.47 million shares traded.

The largest percentage gainer on the TSX was Inter Pipeline Ltd, which jumped 30.7% after Brookfield Infrastructure Partners L.P. offered to buy the company for $5.6 billion.

Seven Generations Energy Ltd rose 7.9% and was the second largest gainer after Canada's ARC Resources Ltd agreed to buy the company for $2.2 billion.

Canopy Growth Corp fell 14.5%, the most on the TSX. The second biggest decliner was Aphria Inc, down 12.3%.

The most heavily traded shares by volume were the Supreme Cannabis Co, Zenabis Global Inc and Bombardier Inc.

The TSX posted five new 52-week highs and no new low.

Across Canadian issues, there were 92 new 52-week highs and two new lows, with total volume of 108.03 million shares.

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