CANADA STOCKS-TSX climbs, led by Valeant, materials and banks

Fri May 1, 2015 11:17am EDT
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(Updates trading, adds comments, details)

* TSX up 94.84 points, or 0.62 percent, at 15,319.36

* Eight of the index's 10 main groups advance

* Materials and healthcare group up 1.5 percent

By Solarina Ho

TORONTO, May 1 (Reuters) - Canada's main stock index advanced on Friday to recoup most of the previous session's losses, led by broad gains in financials and mining firms as well as some positive earnings reports.

Month-end positioning and less than stellar quarterly results sent the index down 0.8 percent on Thursday, even as it climbed more than 2 percent overall during the month of April, bolstered in part by a rally in crude prices.

"More than anything, it's a follow through from the last couple of days," said Chhad Aul, portfolio manager at Sun Life Global Investments. "April was really a month of consolation of some of those year-to-date themes and a reversal of them."

The most influential advancing stock on the index was Valeant Pharmaceuticals International Inc, which rose 2.44 percent to C$268.01, after a slew of analysts raised their price targets. The drugmaker had raised its earnings and sales forecasts for the year on Wednesday. The overall healthcare group was up 1.5 percent.   Continued...