CANADA STOCKS-TSX falls as Valeant, Magna plunge

Thu Nov 5, 2015 10:49am EST
 
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(Adds portfolio manager comment, updates prices)

* TSX down 119.85 points, or 0.88 percent, at 13,541.97.

* Six of the TSX's 10 main groups fall

TORONTO, Nov 5 (Reuters) - Canada's main stock index fell on Thursday as a string of disappointing earnings reports and a fresh slump in drug maker Valeant offset gains among energy stocks as oil prices edged higher.

The most influential weights on the index included Magna International Inc, which fell 12.5 percent to C$60.88 after reporting a drop in quarterly sales which the auto parts maker blamed on a strong U.S. dollar.

Valeant Pharmaceutical International Inc slumped 16 percent to C$102, its lowest level since mid-2013, after the U.S. Senate on Wednesday launched a probe into its strategy of sharply hiking prices on drugs it acquires.

Major telecom company Telus Corp declined 2.8 percent to C$42.51 after reporting a slowdown in wireless growth and a plan to cut 1,500 jobs.

At 10:35 a.m. ET (1535 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 119.85 points, or 0.88 percent, at 13,541.97.

Six of the index's main 10 groups fell.   Continued...