CANADA STOCKS-TSX near flat as financials rise, marijuana producers pull back

By Kitco News / January 04, 2018 / www.kitco.com / Article Link

(Adds details throughout on stocks and sectors; updates prices)

TORONTO, Jan 4 (Reuters) - Canada's main stock index was little changed on Thursday as the financial and industrial groups climbed, while shares of energy and marijuana producers pared some recent gains.

* At 10:46 a.m. EST (1546 GMT), the Toronto Stock Exchange's S&P/TSX composite index rose 0.1 of a point to 16,371.65. It touched an all-time intraday high of 16,404.12.

* The heavyweight financials group rose 0.5 percent as bond yields climbed after data showing a stronger-than-expected gain in U.S. private employment. Manulife Financial Corp advanced 1.5 percent to C$26.56.

* Higher yields reduce the value of insurance companies' liabilities and increase net interest margins of banks.

* Industrials firmed 0.3 percent, with Waste Connections Inc up 1.2 percent at C$87.86 after two analysts raised their price target on the stock.

* The biggest gainer on the index was Prometic Life Sciences Inc , which rose 8.5 percent to C$1.53.

* Six of the index's 10 main groups were lower.

* The energy group, which had rallied as much as 11.9 percent since mid-December, fell 0.7 percent. Encana Corp was down 2.3 percent at C$16.91.

* U.S. crude prices were little changed at $61.66 a barrel. * The largest decliner on the TSX was Aphria Inc , down 10.3 percent at C$19.25. Another marijuana producer, Canopy Growth Co , fell 9.9 percent to $32.34.

* The U.S. Department of Justice on Thursday will rescind an earlier marijuana policy under former Democratic President Barack Obama that eased enforcement of federal laws amid a growing number of local legalization efforts, according to a source familiar with the change. (Reporting by Fergal Smith; Editing by Jonathan Oatis)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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