CANADA STOCKS-Valeant surge helps TSX extend more than 1-year high

Tue Aug 9, 2016 10:23am EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

(Adds details on stocks and sectors, updates prices)

* TSX up 47.22 points, or 0.32 percent, at 14,802.84

* Index at highest since June 2015

* Seven of the TSX's 10 main groups rise

TORONTO, Aug 9 (Reuters) - A surge in shares of Valeant Pharmaceutical International Inc helped Canada's main stock index extend its push to its strongest level in over a year on Tuesday, while the big banks and resource stocks that dominate the index also gained.

The most influential gainer by far was Valeant, which jumped 11.5 percent to C$32.91 after it stuck to its full-year forecast and said it expects to sharply reduce its debt load.

The energy group climbed 1.1 percent, with Canadian Natural Resources up 1.3 percent to C$41.69 and Suncor Energy Inc adding 1 percent to C$35.98.

Oil prices rose as forecasts for a drop in U.S. inventories and speculation of producer action to prop up prices countered concern about a supply glut.

Big banks and gold miners also helped boost the index, which on Monday recorded its highest close in more than a year.   Continued...