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Canada’s TSX hits 3rd straight record on U.S. cannabis report, global sentiment

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Canada‘s main stock index closed at a record for the third straight day on Monday, with cannabis stocks leading the charge on a report of a U.S. Republican-led marijuana legalization bill, and the Congressional passage of a $1 trillion U.S. infrastructure bill also lifting sentiment.

The Toronto Stock Exchange’s S&P/TSX composite index closed up 100.72 points, or 0.5%, at 21,556.54, a record closing level.

“If there is some talk about (cannabis) legalization out of the U.S… any positive news on legalization and more usage,” is a good thing, said Allan Small, senior investment adviser at Allan Small Financial Group with HollisWealth.

“The infrastructure bill, passing that is big… and the U.S. border opening up is a positive,” he added.

The five biggest gainers on the Toronto benchmark were cannabis stocks Cronos Group, Tilray Inc, Canopy Growth, Aurora Cannabis and OrganiGram Holdings.

Cannabis news website Marijuana Moment reported https://www.marijuanamoment.net/republican-led-bill-to-legalize-and-tax-marijuana-emerges-as-alternative-to-democratic-measures Friday that a preliminary Republican-led bill to legalize and tax cannabis was being circulated, with a final version expected to be filed later this month.

The healthcare sector, which includes cannabis stocks, surged 8%.

The passage on Friday of a long-delayed $1 trillion infrastructure bill by the U.S. House of Representatives also boosted sentiment globally, with Canada expected to be among the beneficiaries of the resulting increase in demand for materials.

This also lifted oil prices globally on expectations that the infrastructure push will boost fuel demand.

U.S. crude prices were 1.2% higher at $82.22 a barrel.

The Canadian energy sector and the materials group, which includes precious and base metals miners and fertilizer companies, both also added 1.2%.

Gold futures rose 0.5% to $1,825.9 an ounce.

Sun Life Financial said it would resume dividend increases after the regulator lifted a pandemic-era moratorium on capital distributions. Its shares rose 1.1%.

 

(Reporting by Nichola Saminather in Toronto; Editing by David Gregorio)

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End of Manitoba legislature session includes replacement-worker ban, machete rules

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WINNIPEG – Manitoba politicians are expected to pass several bills into law before the likely end of legislature session this evening.

The NDP government, with a solid majority of seats, is getting its omnibus budget bill through.

It enacts tax changes outlined in the spring budget, but also includes unrelated items, such as a ban on replacement workers during labour disputes.

The bill would also make it easier for workers to unionize, and would boost rebates for political campaign expenses.

Another bill expected to pass this evening would place new restrictions on the sale of machetes, in an attempt to crack down on crime.

Among the bills that are not expected to pass this session is one making it harder for landlords to raise rents above the inflation rate.

This report by The Canadian Press was first published Nov. 7, 2024

The Canadian Press. All rights reserved.



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Father charged with second-degree murder in infant’s death: police

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A Richmond Hill, Ont., man has been charged with second-degree murder in the death of his seven-week-old infant earlier this year.

York Regional Police say they were contacted by the York Children’s Aid Society about a child who had been taken to a hospital in Toronto on Jan. 15.

They say the baby had “significant injuries” that could not be explained by the parents.

The infant died three days later.

Police say the baby’s father, 30, was charged with second-degree murder on Oct. 23.

Anyone with more information on the case is urged to contact investigators.

This report by The Canadian Press was first published Nov. 7, 2024.

The Canadian Press. All rights reserved.



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Ontario fast-tracking several bills with little or no debate

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TORONTO – Ontario is pushing through several bills with little or no debate, which the government house leader says is due to a short legislative sitting.

The government has significantly reduced debate and committee time on the proposed law that would force municipalities to seek permission to install bike lanes when they would remove a car lane.

It also passed the fall economic statement that contains legislation to send out $200 cheques to taxpayers with reduced debating time.

The province tabled a bill Wednesday afternoon that would extend the per-vote subsidy program, which funnels money to political parties, until 2027.

That bill passed third reading Thursday morning with no debate and is awaiting royal assent.

Government House Leader Steve Clark did not answer a question about whether the province is speeding up passage of the bills in order to have an election in the spring, which Premier Doug Ford has not ruled out.

This report by The Canadian Press was first published Nov. 7, 2024.

The Canadian Press. All rights reserved.



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