TSX gains led by resource stocks, Valeant

Mon Nov 2, 2015 4:39pm EST
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By Fergal Smith

TORONTO (Reuters) - Canada's main stock index gained on Monday after falling sharply to end last week, helped by a rebound in Valeant Pharmaceuticals International Inc (VRX.TO: Quote) and by rises among resource stocks.

The market shrugged off disappointing manufacturing data from China, with the slower pace of contraction heartening investors.

"We are starting to see signs that deceleration (in China) is leveling off a little bit," said Craig Fehr, Canadian market strategist at Edward Jones in St. Louis, Missouri.

The materials group rallied 1.5 percent, paced by fertilizer stocks. Potash Corp (POT.TO: Quote) gained 4 percent to C$27.55 and Agrium Inc (AGU.TO: Quote) added 1.4 percent to C$123.37.

Cameco Corp (CCO.TO: Quote), however, fell 2.3 percent to C$18.10 after posting lower adjusted quarterly earnings on Friday as an oversupply continued to affect demand and pricing.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended the day up 93.84 points, or 0.69 percent, at 13,623.01.

Across the index, advancing issues outnumbered decliners by 149 to 89.

The index had dropped nearly 2 percent on Friday as Valeant slumped and the banking sector retreated, trimming the monthly gain for October to 1.7 percent.   Continued...

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