MID-DAY: Oil gain boosts TSX; Alberta-based Tilray stock spikes on US medical marijuana testing approval
The energy sector is powering up Bay Street this morning.
The TSX is up 55 points to 16,137 as crude prices start to rally higher. This comes after Saudi Arabia said it wouldn’t be increasing the flow of crude as it will be happy to see prices push higher. US crude has jumped to 69.73 a barrel over the morning. The spike in oil is also helping the commodity-tied Loonie as it pushes to 76.88 cents US.
Across the border, the Dow is up 110 points to 26,172 as investors shrug off trade war concerns following Donald Trump’s latest round of tariff threats against China.
In the face of trade and marijuana tensions, a Canadian company is being allowed to send pot across the border to be used in medical treatment testing. Alberta’s Tilray is seeing its stock boost 21 per cent following the news.