Bud, weed and Apple usher in October

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Bud, weed and Apple usher in October

On Monday, the TSX continued to decline, slipping 0.21% to close at 16,658 as New York indices regained ground it lost on Friday, all finishing in the green with the Nasdaq rising the highest, up 0.75% to 7,999. Monday’s session continues last week’s see-saw pattern as the U.S. Department of Justice refuted Friday’s report that President Trump will block Chinese companies from listing on American exchanges.

The big gainer was Apple after JP Morgan predicted the stock would rise 20% on better-than-expected iPhone sales. Apple jumped 2.35% to $223.97. Across the world, Budweiser debuted on the Hong Kong exchange, closing above 4.44% above its $27.00 IPO at $28.44.

Back home, the TSX was weighed down due to materials (-1.6% as gold futures declined), energy (-0.9% as oil prices slipped) and healthcare dropped (-2.1%) as cannabis stocks continued falling after a U.S. warning against buying vaporizer products that contain weed. For example, beleagured CannTrust plunged 6.88% Monday to $1.49. On the bright side, the TSX was up for the third straight quarter, gaining 1.7%, and advancing 16.3% year-to-date.