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TSX Market Movers: Cannabis Stocks Surge, Home Capital Gains, Turquoise Hill Tanks

Stock Markets Aug 15, 2022 13:28
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By Ketki Saxena 

Investing.com -- At midday in Toronto, the S&P/TSX Composite Index was at 20,160.65 points, down 0.9%  in the day’s trading, as weaker-than-expected Chinese data revived fears about a global economic slowdown, pressuring the commodity-heavy Canadian index. 

However, by midday, the Canadian index had retraced some of the morning’s sharp losses, tracking Wall Street moderately higher as bond yields retreated and tech stocks gained. 

The Canadian index was most weighed by the energy sector (1.41%) as crude prices tumbled, with data showing the Chinese economy slowing unexpectedly in July, with factory and retail activity pressured by COVID-19 lockdowns and an ongoing property crisis. 

Materials (-0.89%), also weighed on the Canadian index, as metal prices were also hit by worries of a slowdown and declining industrial output. 

Healthcare (+3.71%) meanwhile was the top performing sector on the TSX today, as marijuana stocks continued to gain following comments last Thursday from Chuck Schumer that reinvoked optimism around the passing of the Senator’s legalization bill. Cannabis stocks are also being supported by comments over the weekend from Tilray (TSX:TLRY) CEO Irwin Simon who called the U.S. cannabis market a “$100 billion opportunity.”

Cannabis stocks were largely the top gainers on the TSX so far today including Canopy Growth (TSX:WEED) (+15.51%), Aurora Cannabis (TSX:ACB) (+8.52%), Tilray (+7.59%), and Cronos (TSX:CRON) (+5.90%). 

Home Capital Group (9.29%) was also a top gainer following news it had received, and is rejecting “an unsolicited, non-binding and conditional expression of interest” from an unidentified third party that wants to buy the company.

Turquoise Hill Resources (TSX:TRQ) (-12.05%)  was the biggest loser on the TSX so far today after the company rejected an offer by majority shareholder Rio Tinto (LON:RIO) to buy the 49% stake it doesn't already own, on the basis that the $2.7 billion offer did not reflect Turquoise Hill’s full and fair value. 

Canadian Miners were also amongst the biggest losers on the TSX today, pressured by broad-based losses in metals. Apart from Turquoise Hill, today’s top losers included Ero Copper (TSX:ERO) (-7.44%), First Quantum Minerals (TSX:FM) (-5.92%), Ivanhoe Mines (TSX:IVN) (-4.39%), and New Gold (-4.72%).

TSX Market Movers: Cannabis Stocks Surge, Home Capital Gains, Turquoise Hill Tanks
 

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