AFTER THE BELL: Marijuana stocks slip, health care edges lower as TSX dips into red
Drops in bank stocks and the health care sector kept the TSX below the flatline today.
With Wall Street closed for the American Thanksgiving weekend, the focus switched to Canada’s stock exchange.
Five of the index’s 11 sectors sunk into negative territory as the TSX edged three points lower.
Limiting the losses were rises in the energy, materials, and tech sectors.
Canadian energy stocks rose despite oil slipping, as demand weakens on a reported 4.9 million-barrel jump in U.S. crude stocks.
The price of oil fell 78 cents to $53.85 US a barrel.
Health care was off by 1.4 percent as Canada’s heavily traded cannabis stocks wobbled. Aurora’s stock dropped three percent while Aphria and Canopy Growth both edged into the red.
Marijuana stocks were impacted on news of the Alberta Gaming, Liquor and Cannabis agency announcing that it will deny new applications for cannabis retailers.
The agency’s president and CEO announced that “due to the national (marijuana) shortage, AGLC is temporarily suspending accepting new applications and issuing any additional cannabis retail licences until further notice.”
Financials slipped 0.3 percent lower after the Bank of Canada’s senior deputy governor announced that the Canadian housing market is still vulnerable despite tighter mortgage rules and rising interest rates.
The loonie gained just over a quarter of a cent, up 26/100ths of a cent to $0.7582 US while gold was flat, down 10 cents to $1,227 an ounce.