CANADA STOCKS-TSX falls as resource stocks drag, Valeant slumps

Tue Dec 29, 2015 4:44pm EST
 
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(Adds portfolio manager quote, updates prices)

* TSX down 64.05 points, or 0.48 percent, to 13,245.75

* Five of the TSX's 10 main groups lower

By Fergal Smith

TORONTO, Dec 29 (Reuters) - Canada's main stock index fell on Tuesday, hurt by weakness in resource stocks and a tumble in shares of Valeant Pharmaceuticals International Inc as the market reopened following an extended Christmas break.

The market, which was closed Friday for Christmas and Monday in lieu of Boxing Day on Saturday, rose 2.2 percent last week.

"It's off of low volumes, but the Canadian market is just effectively playing catch-up to the U.S. market," said Ben Jang, portfolio manager at Nicola Wealth Management.

The materials group fell 2.7 percent following weakness in U.S. materials stocks on Monday.

Goldcorp Inc fell 3.9 percent to C$16.23, while Barrick Gold Corp was down 3.3 percent at C$10.49 and Potash Corporation of Saskatchewan Inc declined 2.4 percent to C$24.50.   Continued...