Canadian stocks fell, following global markets lower as Turkey tacked on a spate of new tariffs on U.S. imports.
The S&P/TSX Composite Index fell 0.9 per cent to 16,182.33 at 9:52 a.m. in Toronto. Materials led losses, dropping 2 per cent as First Majestic Silver slumped 6.7 per cent after second quarter adjusted loss per share was wider than expected.
Canopy Growth Corp. soared 32 per cent, the most since November 2016. Constellation Brands Inc. is spending C$5 billion ($3.8 billion) to increase its stake in the cannabis grower in what the owner of Corona beer described as the biggest investment yet in the burgeoning marijuana industry.
In other moves:
Stocks
Health care surged 11.3 per cent, the most since November 2016, as pot stocks followed Canopy’s gains. Aurora Cannabis Inc. climbed 22 per cent and Aphria Inc. rose 17 per cent
Great Canadian Gaming jumped 7.4 per cent after second quarter adjusted Ebitda beat analyst estimates
Metro Inc. slumped 5.5 per cent, the most in more than a year, amid reports that CEO Eric La Fleche said the grocer is starting to see higher price demands from suppliers on tariff-related price hikes
Commodities
Western Canada Select crude oil traded at a $28.40 discount to WTI
Aeco natural gas traded at a $1.83 discount to Henry Hub
Gold fell 1.1 per cent to $1,188.00 an ounce
FX/Bonds
The Canadian dollar weakened 0.6 per cent to C$1.3132 per U.S. dollar
The Canada 10-year government bond yield fell four basis points to 2.281 per cent
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