TSX rises with banks, Suncor; Valeant slumps on arrests
TORONTO (Reuters) - Canada's main stock index gained on Thursday in a broad rally led by heavyweight resource and financial stocks, as crude prices rose and the country's largest oil and gas company forecast higher production and lower costs in 2017.
Suncor Energy Inc (SU.TO: Quote) rose 0.6 percent to C$41.25 after it said it expected production to rise by more than 13 percent next year and spending to fall by more than C$1 billion ($746 million).
The overall energy group climbed 0.7 percent, with oil prices boosted by Saudi optimism that OPEC will be able to reach a deal to curb output later this month. [O/R]
At 10:26 a.m. EDT, the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 77.90 points, or 0.53 percent, at 14,811.12.
All of the index's 10 main groups were in positive territory, with four advancers for every decliner.
Offsetting the gains, Valeant Pharmaceuticals International Inc VRX.TO shares fell 6.4 percent to C$22.49 after two former executives were arrested on charges related to an investigation into the drugmaker's ties to a specialty pharmacy company.
The materials group, which includes precious and base metals miners and fertilizer companies, added 0.8 percent, while industrials rose 0.3 percent.
Bombardier Inc (BBDb.TO: Quote) shares advanced 1.6 percent to C$1.94 after the plane and train maker moved to raise funds to refinance some debt.
The heavyweight financials group gained 0.5 percent, with Royal Bank of Canada (RY.TO: Quote) up 0.7 percent at C$86.63. and Bank of Nova Scotia (BNS.TO: Quote) adding 0.9 percent to C$71.27. Continued...