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Update: TSX Posts Modest 48-Point Gain in Broad-Based Advance Paced by Cannabis Stocks

Canada's main stock market posted modest gains on Tuesday in a broad-based advance, led by cannabis stocks. The S&P/TSX Composite Index rose 48 points or 0.3% to close at 16,086. The TSX lost 30 points on Monday but is still up nearly 12% year-to-date. U.S. markets were little changed with the Dow Jones down 13 points and the S&P 500 off 3 points, while the Nasdaq was virtually flat, down by a single point.

On the TSX, the healthcare sector led advancers with a 4% increase as cannabis stocks gained ground. The big three sectors, financials, energy and materials all rose between 0.1% and 0.4% as oil prices were little changed while gold slumped further below the $1,300 per ounce mark, losing 0.2% on Tuesday.

In stock news , heavily traded Aurora Cannabis (ACB.TO) jumped 12% while Cronos Group (CRON.TO) rose 11%. Both stocks benefited from an analyst upgrade. Also in the cannabis sector, the Green Organic Dutchman (TGOD.TO) climbed 6%. Crew Energy (CR.TO) was up nearly 4% after receiving an upgrade from an equity analyst at Raymond James.

There were no economic reports today but Wednesday picks up with the December trade deficit and productivity data from Statistics Canada, as well as the latest interest rate announcement from the Bank of Canada. No change is expected to the current 1.75% setting.

The Canadian dollar lost more than a quarter of a cent Tuesday to 74.89 US.

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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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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