Cannabis Stock Report: Pot Stocks Climb As Wall Street Celebrates Bull Market Milestone
The North American Marijuana Index gained again on Friday, climbing almost 4.5 points as Wall Street celebrated the ninth anniversary of the second-longest bull market on record. A positive jobs report that beat expectations on Friday helped the markets hit new highs while allaying investor fears over recent White House talks of tariffs and trade wars. The Index closed the week at 271.67, an almost eight percent increase over the previous week’s closing.
On Wall Street, recent economic worries dissipated as the U.S. Labor Department data showed nonfarm payrolls climbed by 313,000 jobs last month. Traders celebrated the continuing bull market while some wondered how much longer it could last.
"The market is being driven by a very strong jobs report and lack of wage inflation. The Goldilocks economy reappears. But anything that accelerates the [Russia probe] and removes some uncertainty is good. The financial markets really dislike uncertainty," said Tim Ghriskey, chief investment strategist at Inverness Counsel in an interview with Reuters.
The Dow Jones Industrial Average jumped 440.53 points, or 1.77 percent, ending the week at 25,335.74. Meanwhile, the S&P 500 gained 47.6 points, and the Nasdaq Composite grew by 132.86 points. Up north in Canada Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index gained 39.11 points to close the week at 15,577.81.
Horizons Marijuana Life Sciences ETF (HMMJ.TO) fell CAD$0.15 per share, a decline of 0.78 percent to close out Friday at CAD$19.10. The Evolve Marijuana ETF (SEED) gained CAD$0.05 per share, or 0.25 percent to close out the week at CAD$20.00.
Winners and Losers
Hiku Brands Company Ltd. (CSE:HIKU) (OTC:DJACF) climbed 9.46 percent on higher than average trading volume, closing the day at $2.29 per share… Terra Tech Corp. (OTC:TRTC) jumped 5.53 percent on lower than average trading volume, closing the day at $0.26 per share… THC BioMed Intl Ltd. (CSE:THC) (OTC:THCBF) jumped 18.54 percent on higher than average trading volume, closing the week at $1.52 per share.
Veritas Pharma Inc. (CSE:VRT) (OTC:VRTHF) dropped 9.01 percent on lower than average trading volume, closing the day at $0.44 per share… Freedom Leaf Inc. (OTC:FRLF) fell 6.44 percent on Friday on lower than average trading volume, closing the day at $0.19 per share… Abattis Bioceuticals Corp. (CSE:ATT) (OTC:ATTBF) dipped 5.67 percent Friday on lower than average trading volume, closing the day at $0.26 per share.
Hiku Brands subsidiary Van der Pop surveyed 1,530 North American women about their attitudes towards weed. The survey examined perceptions, “with the hope of facilitating more meaningful conversations that reflect the needs of real women.” Check out some of their findings below: