Weed sinks in another choppy session
Markets endured another choppy session trading at low volumes and little direction. The Dow closed barely in the negatve while the S&P climbed barely in the positive. The Nasdaq rose a modest 0.38% while the TSX slipped 0.35% from Wednesday’s record high. Big news Thursday saw the Reddit rally in cannabis stocks suddenly faded. The TSX healthcare sector plunged over 17% while Aphria slid 36%. Aurora, Cronos and Canopy also lost 22-24%, while Organigram plummeted 40%.
There was better news at Brookfield Asset Management which reported a strong quarter and dividend increase. Meanwhile, Brookfield Infrastructure Partners announced it was launching an unsolicited takeover of Interpipeline to the tune of $5.7 billion. IPL shot up 29.25% while BIP.UN slid 2.9%. Seven Generations and Arc Resources agreed to merge, pushing up shares 5.74% and 4.85% respectively.
Pot stocks plunged to similar levels on Wall Street while all the Dow components were mixed. Bright spots included Intel, rising 3.06%, but Walgreens slipped 2.89%. On the up side were Lam Research by 7.46 and Mastercard by 2.59%, and sliding down were Molson Coors at -9.15%. The price of WCS declined 0.55% and gold fell nearly 1%. However, Bitcoin surged nearly 5% to touch $47,000.
🌿 Aphria Inc -36%
🌿 Aurora Cannabis -24%
🌿 Cronos Group Inc -22%
🌿 Canopy Growth Corp. -22%
🌿 OrganiGram Holdings Inc. -40%
🛢 Inter Pipeline +29.25%
🏛 Brookfield Infrastructure Partners -2.9%
🛢 Seven Generations Energy Ltd +5.74%
🛢 Arc Resources Ltd +4.85%
💾 Intel +3.06%
💊 Walgreen Boots Alliance -2.89%
🧬 Lam Research Corp +7.46%
💳 Mastercard Inc. +2.59%
🍺 Molson Coors Brewing Company -9.15%
🅱 The Bitcoin Fund +5%