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CANADA STOCKS-TSX cracks 16,000 to record as energy, Canopy Growth rally

Published 2017-10-30, 11:00 a/m
© Reuters.  CANADA STOCKS-TSX cracks 16,000 to record as energy, Canopy Growth rally
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* TSX hits record, up 68.21 points, or 0.43 percent, to 16,021.72

* Nine of the TSX's 10 main groups were up

* Canopy Growth soars as much as 23 pct

TORONTO, Oct 30 (Reuters) - Canada's main stock index touched a fresh record on Monday, breaking above 16,000 points for the first time in the process, as energy shares rallied and cannabis producer Canopy Growth soared.

Canopy Growth WEED.TO was up 13.6 percent to C$14.53 after surging as much as 22.9 percent on news that Corona beer maker Constellation Brands Inc (NYSE:STZ) STZ.N bought a nearly 10 percent stake in the company.

The overall healthcare group was on track for its biggest gain since June, rising 3.6 percent.

Canadian Natural resources CNQ.TO gave the index its biggest lift, advancing 1.8 percent to C$44.17, while Crescent Point Energy Corp CPG.TO gained 6.3 percent to C$10.03.

U.S. crude prices neared eight-month highs, and benchmark Brent crude held above $60 a barrel. The overall energy sector rallied 1.4 percent.

Precision Drilling Corp PD.TO jumped 10.1 percent to C$3.59, extended Friday's gains fueled by a narrower-than-expected quarterly loss.

At 10:35 a.m. ET (1435 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE rose 70.62 points, or 0.44 percent, to 16,024.13, touching a fresh record.

The benchmark index broke the last intraday record set in February on Friday and also closed that day at a record high.

Of the index's 10 main groups, nine were in positive territory.

The financials group added 0.3 percent. Element Fleet Management Corp EFN.TO jumped 7.9 percent to C$10.2.

The materials group, home to mining and other resource companies, advanced 1.0 percent. Goldcorp Inc rose 1.8 percent to C$17.12.

On the downside, Saputo Inc SAP.TO , which gained on Friday after announcing it was buying Australian diary company Murray Goulburn, gave back some of those advances, falling 3.2 percent to C$45.98 as some analysts cut their ratings on the Canadian dairy producer.

Consumer staples was the only sector that retreated, sliding 0.5 percent.

Advancing issues outnumbered declining ones on the TSX by 197 to 47, for a 4.19-to-1 ratio on the upside.

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