CANADA STOCKS-TSX rallies as Valeant rebounds, July GDP data upbeat

Wed Sep 30, 2015 11:48am EDT
 
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(Adds details on poll and data, market reaction)

* TSX up 182.59 points, or 1.4 percent, at 13,219.55

* All 10 main groups are higher

By Solarina Ho

TORONTO, Sept 30 (Reuters) - Canada's main stock index rallied more than 1 percent on Wednesday as higher-than-expected domestic growth data provided a healthy boost to sentiment and as Valeant Pharmaceuticals International Inc shares rebounded after being battered by charges of price gauging.

Canada's economy grew 0.3 percent in July, the second consecutive month of growth after contracting for the first five months of 2015. Financials, energy, mining and manufacturing were among sectors leading the growth.

The figures supported the idea that any recession in the first half of the year was short-lived.

The financials group, which makes up roughly a third of the index, climbed 1.7 percent. Toronto-Dominion Bank rose 2.1 percent to C$52.53, and Royal Bank of Canada jumped 2.1 percent to C$73.53. Six of the index's 10 most influential gainers were financial names.

At 11:40 a.m. EDT (1540 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 182.59 points, or 1.4 percent, at 13,219.55.   Continued...