CANADA STOCKS-Valeant pulls down TSX; resource and bank stocks weigh

Fri Oct 30, 2015 10:23am EDT
 
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(Adds details, updates prices)

* TSX down 86.83 points, or 0.63 percent, to 13,705.05

* Nine of the TSX's 10 main groups fall

TORONTO, Oct 30 (Reuters) - Canada's main stock index fell on Friday, weighed down by Valeant Pharmaceuticals International Inc after it cut ties with a beleaguered pharmacy business, and by retreats in the heavyweight energy and financial sectors.

The most influential single weight on the index was Valeant, which fell 7.0 percent to C$137.91 after it said it will sever ties with Philidor Rx Services in the wake of criticism over the relationship between the two closely associated companies.

At 10:00 a.m. ET (1400 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 86.83 points, or 0.63 percent, to 13,705.05. Nine of its 10 main groups fell.

The index is on track for a 1.8 percent decline on the week and a 3 percent gain for October.

The overall energy group retreated 0.4 percent, with Husky Energy Inc down 7.5 percent to C$18.75 after swinging to a quarterly loss on a writedown and impairment charge.

U.S. crude prices were down 0.8 percent to $45.7 a barrel, while Brent lost 0.1 percent to $48.76.   Continued...