TSX gains capped by weak energy shares

Wed Sep 2, 2015 5:32pm EDT
 
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By Alastair Sharp

TORONTO (Reuters) - Canada's main stock index gained on Wednesday in choppy trading as financial and consumer stocks rose but were offset by energy shares plagued by volatile crude oil prices.

Drugmaker Valeant Pharmaceuticals International Inc (VRX.TO: Quote), one of the largest issuers on the index, jumped 4.1 percent to C$308.45 after the company said it had agreed to buy surgical device maker Synergetics USA Inc SURG.O, its eighth acquisition this year.

But the index underperformed U.S. markets as the energy group weighed despite a bounce in oil prices. [.N][O/R]

"There's that cloud that continues to hang over the Canadian equity space, which is the volatility that still persists in oil prices," said Shailesh Kshatriya, an associate director for client strategy at Russell Investments Canada.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended up 63.35 points, or 0.47 percent, at 13,545.25. Seven of its 10 main groups rose.

Insurer Manulife Financial Corp (MFC.TO: Quote) gained 1.1 percent to C$20.55 and Brookfield Asset Management (BAMa.TO: Quote) rose 1.2 percent to C$41.16.

The index gyrated as investors digested reports about China's latest effort to soothe anxiety about the country's slowing growth and what that means for the global economy.

Chinese markets, which have fluctuated widely in recent months, are closed on Thursday and Friday.   Continued...

 
A TMX Group sign, the company that runs the Toronto Stock Exchange (TSX), is seen in Toronto, June 23, 2014. REUTERS/Mark Blinch