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TSX climbs to record high as investors eye strong earnings

10/19/2021 | 04:52pm EST
FILE PHOTO: The facade of the original Toronto Stock Exchange building is seen in Toronto

TORONTO (Reuters) - Canada's main stock index rose to a record high on Tuesday, led by technology and cannabis stocks, as investors bet that earnings seasons would be supportive of the market even as the earnings growth rate starts to slow.

The Toronto Stock Exchange's S&P/TSX composite index ended up 101.62 points, or 0.5%, at 21,086.99, a record closing high.

Canadian National Railway Co reported third quarter results after the close, while some other major stocks are due to report over the coming days.

"The markets are going to be looking much more through some of the headline risk to the underlying fundamentals of the individual companies and sectors," said Kevin Headland, senior investment strategist at Manulife Investment Management.

"Perhaps the earnings growth rate is starting to slow, but it still remains quite strong and positive."

The technology group climbed 1.1% on Tuesday, led by a 13.4% jump in the shares of Blackberry Ltd. Healthcare was up 6.6%, including sharp gains for some cannabis producers.

After snapping a seven-month winning streak in September, the Canadian equity index has gained 5.1% so far this month, aided by strength in commodity prices.

U.S. crude oil futures settled 0.6% higher at $82.96 a barrel as an energy supply crunch continued across the globe.

The energy group rose 0.4%, while the heavily weighted financial services group advanced 0.5% as bond yields climbed.

(Reporting by Fergal Smith; Additional reporting by Amal S in Bengaluru; Editing by Alistair Bell)

By Fergal Smith

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AURORA CANNABIS INC. -0.29% 6.9 Delayed Quote.1.02%
AUXLY CANNABIS GROUP INC. 0.00% 0.175 Delayed Quote.-5.41%
CANOPY GROWTH CORPORATION -0.19% 10.51 Delayed Quote.-4.62%
CRONOS GROUP INC. -1.22% 4.85 Delayed Quote.-1.41%
HEXO CORP. 1.27% 0.8 Delayed Quote.-10.23%
ORGANIGRAM HOLDINGS INC. -0.48% 2.06 Delayed Quote.-6.76%
S&P GSCI CRUDE OIL INDEX 0.50% 458.9497 Delayed Quote.10.76%
S&P GSCI PETROLEUM INDEX 0.67% 304.1774 Delayed Quote.10.33%
THE GREEN ORGANIC DUTCHMAN HOLDINGS LTD. 5.00% 0.105 Delayed Quote.5.26%
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