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)
HALIFAX – A man who died trying to save three people trapped by floodwaters is among eight Nova Scotians awarded the province’s Medal of Bravery.
On July 22, 2023, Nicholas Holland, 52, and three others were driving through heavy rainfall near Brooklyn, N.S., when their vehicle was swept off Highway 14 and filled with water.
Holland, who was from Ellershouse, N.S., freed the people trapped inside, but he and 14-year-old Terri-Lynn Keddy did not survive the ordeal.
The bravery award for Holland was presented posthumously by Premier Tim Houston during a ceremony in Halifax.
Halifax firefighters Kevin Corkum and Conor Scott were also recognized for rescuing a man from his home on May 28, 2023, as an intense wildfire raced across Hammonds Plains and Upper Tantallon.
As well, 14-year-old Alexander Munroe of Windsor Junction, N.S., won an award for defending his mother and two younger brothers from a dog that attacked them on March 6, 2023.
This report by The Canadian Press was first published Oct. 22, 2024.
LONGUEUIL, Que. – A Montreal suburb began an operation on Tuesday to kill white-tailed deer in one of its local parks after years of legal battles with activists seeking to save the animals.
A spokesman for the City of Longueuil confirmed that Michel-Chartrand park is closed to the public while hunters armed with air rifles reduce the size of the herd.
“The city confirms that the deer overpopulation control operation is currently underway,” Raphaël Larocque-Cyr wrote in an email. “In order to ensure safety and ensure the smooth running of the operation, Michel-Chartrand Park is closed until further notice.”
The city just south of Montreal has been trying to carry out a cull since 2020, but it faced a strong backlash and legal challenges from animal rights groups over the fate of the deer. Earlier this month the administration said it had received a provincial environment department permit to proceed with the operation, the final step needed to begin the cull. The meat from the deer is expected to be distributed to community organizations.
The city has repeatedly said the population of white-tailed deer has grown far beyond what the space can support, damaging the park’s ecosystem and contributing to an increased risk of road accidents and Lyme disease. As well, city hall says the cull is needed to restore “ecological equilibrium” to the park as the number of white-tailed deer there has tripled in recent years — from 32 in 2017 to 114 as of this year. It has previously said the park can support around 15 deer.
Authorities said the number of deer found dead in the park has risen, from 28 in 2021 to 52 in 2023.
The announcement of the planned cull in 2020 led to a petition, protests, and even threats against the city’s then-mayor.
Animal rights activists lobbied for the city to relocate the excess deer to a refuge rather than killing them, but a veterinary ethics committee deemed the strategy unsafe for deer and humans alike. Other options, including sterilization or birth control, were also rejected.
Some groups challenged the plan in court, but their efforts were ultimately rejected last year by Quebec’s Court of Appeal, which found the city was within its rights to authorize the cull. Last year, city officials said they were hopeful the cull would be a one-time operation, and that they would be able to employ different methods to control the population once the herd is reduced to a manageable size.
This report by The Canadian Press was first published Oct. 22, 2024.
OTTAWA – Prime Minister Justin Trudeau says his leadership of the Liberal party is not in danger, even as members of his caucus prepare to confront him Wednesday in the hopes of convincing him to step down.
He brushed off those concerns as he headed into his regular Tuesday meeting with cabinet ministers.
One by one, those ministers expressed their support for Trudeau as they spoke to reporters on their way into the meeting.
“Anybody who has ever bet against Justin Trudeau is sorry they made that bet the next day,” said Employment Minister Randy Boissonnault.
But while members of the cabinet have defended Trudeau staying on as leader, a number of Liberal MPs have signed onto a letter that aims to convince him to step aside before the next election.
It’s not clear how many members of Trudeau’s team of MPs plan to confront him, or exactly what their message will be. There is no way for the Liberal caucus to force Trudeau out, the decision about whether to stay or go will ultimately be up to the prime minister.
So far, Charlottetown MP Sean Casey is the only Liberal to publicly say that he has signed the letter.
Immigration Minister Marc Miller, who is also Trudeau’s personal friend, spoke out against MPs who hope to oust the leader.
“Any minute spent on this garbage is a minute that’s not spent on Pierre Poilievre and what he wants to do to this country,’ Miller told reporters.
Other ministers suggested a healthy debate within caucus was the best way to pull the team together.
“Any time there are voices of dissent we have to deal with them, we have to listen to them carefully,” Labour Minister Stephen MacKinnon said.
“We have to deal with them and present a unified face to Canadians.”
This report by The Canadian Press was first published Oct. 22, 2024.
