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    WEED   CA1380351009


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Canopy Growth : Toronto market nears record high as investors cheer corporate earnings

10/14/2021 | 05:01pm EST

(Adds investor quotes and details throughout; updates prices)

* TSX ends up 201.47 points, or 0.98%, at 20,819.94

* Energy group rises 2.2%; oil settles 1.1% higher

* Aritzia Inc jumps 17.2%

* Canadian factory sales rise 0.5% in August

TORONTO, Oct 14 (Reuters) - Canada's main stock index rose for a seventh day on Thursday, reaching a level just short of its record high, boosted by stronger-than-expected corporate earnings and firm economic data as well as higher oil prices.

The Toronto Stock Exchange's S&P/TSX composite index ended up 201.47 points, or 0.98%, at 20,819.94. It was the seventh straight session the index closed higher, the longest winning run since March.

On Sept. 3, the index touched a record closing high of 20,821.43.

"Mainly it's based on better than expected corporate earnings and economic data, which is outweighing fears about inflation and supply chain disruptions," said Stan Wong, director of wealth management and portfolio manager at Scotia Wealth Management.

Canadian factory sales rose 0.5% in August from July, adding to evidence the economy has recovered after a surprise contraction in the second quarter, while the number of Americans filing new claims for unemployment benefits last week fell close to a 19-month low.

Wall Street also ended with strong gains.

The TSX snapped a seven-month win streak in September but the fourth quarter has historically been a friendly period for the market. The index has gained 3.7% so far this month.

"I look at the seasonality trends and they look favorable at this point," Wong said.

The energy group rose 2.2%, helped by higher oil prices. U.S. crude oil futures settled 1.1% higher at $81.31 a barrel after top producer Saudi Arabia dismissed calls for additional OPEC+ supply.

The heavily weighted financial services sector rose 0.9%, while consumer discretionary stocks ended 1.6% higher.

Fashion retailer Aritzia Inc was the largest percentage gainer on the TSX, jumping 17.2% after its quarterly results beat estimates.

Canopy Growth Corp rose 2.5% after saying it would buy weed gummies maker Wana Brands for $297.5 million. (Reporting by Fergal Smith; Additional reporting by Rithika Krishna in Bengaluru; Editing by Peter Cooney)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ARITZIA INC. 1.42% 49.92 Delayed Quote.94.46%
CANOPY GROWTH CORPORATION 0.78% 12.95 Delayed Quote.-58.97%
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Analyst Recommendations on CANOPY GROWTH CORPORATION
More recommendations
Sales 2022 578 M 456 M 456 M
Net income 2022 157 M 124 M 124 M
Net Debt 2022 311 M 245 M 245 M
P/E ratio 2022 33,0x
Yield 2022 -
Capitalization 5 099 M 3 988 M 4 021 M
EV / Sales 2022 9,36x
EV / Sales 2023 7,62x
Nbr of Employees 3 259
Free-Float 63,8%
Duration : Period :
Canopy Growth Corporation Technical Analysis Chart | WEED | CA1380351009 | MarketScreener
Technical analysis trends CANOPY GROWTH CORPORATION
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus HOLD
Number of Analysts 22
Last Close Price 12,95 CAD
Average target price 16,61 CAD
Spread / Average Target 28,2%
EPS Revisions
Managers and Directors
Bruce Linton Chairman & Co-Chief Executive Officer
David Eric Klein Chief Executive Officer & Non-Independent Director
Judy Hong Chief Financial Officer & VP-Investor Relations
Judy A. Schmeling Chairman
Ru Wadasinghe Chief Information Officer