October 16, 2015 / 11:34 AM / in 2 years

TSX ekes out gain in mixed market; down 0.9 percent on week

TORONTO (Reuters) - Canada’s main stock index rose slightly on Friday, helped by a bounce back in Valeant Pharmaceuticals International Inc (VRX.TO) and gains in heavyweight financial stocks but weighed down by railways and energy stocks.

A man walks past an old Toronto Stock Exchange (TSX) sign in Toronto, June 23, 2014. REUTERS/Mark Blinch

The most influential mover by far was Valeant, which jumped 4.9 percent to C$227.40, rebounding from a sharp fall the previous day after it said it had been subpoenaed by U.S. prosecutors over its drug pricing and patient-assistance practices.

The financials group, which accounts for more than a third of the index’s weight, climbed 0.5 percent, led by a 2.4 percent gain for Brookfield Asset Management (BAMa.TO), to C$43.95.

The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE closed up 9.13 points, or 0.07 percent, at 13,838.10. It slipped 0.9 percent on the week, after a sharp surge earlier in the month.

“We are consolidating at a higher level now. It remains to be seen if we are getting to the start of a new uptick,” said Colin Cieszynski, chief market strategist at CMC Markets. Both of Canada’s main rail companies fell, after Reuters reported after the close on Thursday that they were slashing crude oil shipping rates.

Canadian National Railway (CNR.TO) lost 1 percent to C$76.78 and Canadian Pacific Railway (CP.TO) fell 2 percent to C$191.42.

Energy stocks slipped even as crude prices rose.

“Sentiment has turned a little more cautious,” said Manash Goswami, a portfolio manager at First Asset Investment Management.

“The market is still looking for direction on Fed rates,” he said. “I think the market is still trying to get a sense of growth, globally and in the U.S.”

Declining issues outnumbered advancers by 154 to 83, for a 1.86-to-1 ratio on the downside, with half of the 10 main groups gaining.

Editing by Bernadette Baum and Chizu Nomiyama

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