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TSX Tops 16,000 For First Time as Healthcare, Energy, Gain

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The TSX is up 65 points this morning, breaking past the 16,000 mark for the first time, as nearly all sectors post gains. The rise continues the trend of equity markets rising last week, with the TSX pushing to a record high as the Bank of Canada continued to talk down rate-hike expectations. BMO, in its morning note, reports that the index rose 0.6%, led by technology, consumer staples and telecom, and is now up 4.4% on the year.

Healthcare is the biggest gainer so far, surging 3.2% on Canopy Growth (WEED.TO), which has gained 14% so far,and is the most actively traded.

Energy is the second biggest gainer, up 1.7%, with crude oil now trading at US$54.31. Action Economics reports that gains have come on the back of the better U.S. Q3 GDP report, which boosted demand prospects. In addition, Saudi and Russian support for an extension of production caps should continue to provide support into the OPEC/NOPEC meeting in November.

Industrials is the sole loser, down 0.13%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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