CANADA STOCKS-TSX slips on retreat in resource stocks, Valeant

Mon Oct 19, 2015 10:17am EDT
 
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(Updates trading)

* TSX down 66.73 points, or 0.48 percent, at 13,771.37

* Seven of the TSX's 10 main groups fall

TORONTO, Oct 19 (Reuters) - Canada's main stock index fell on Monday as a slump in crude oil prices hurt energy stocks and worries over slowing Chinese demand dragged down miners.

The most influential mover on the index was Valeant Pharmaceutical International Inc, which fell 4.7 percent to C$216.75. The company, facing heavy criticism for sharply increasing the prices of drugs it acquired, said the pace of those price hikes would moderate.

The overall healthcare group slipped 0.8 percent, although Concordia Healthcare Corp jumped 7.1 percent to C$45.05.

The energy group retreated 1.8 percent, with Suncor Energy Inc down 1.1 percent to C$36.44, and Canadian Natural Resources declining 1.4 percent to C$30.49.

U.S. crude prices fell 2 percent to $46.32 a barrel, while Brent crude lost 2.4 percent to $49.26.

Mining stocks pulled back as concerns about sluggish Chinese growth weighed on prices for copper and steel.   Continued...