CANADA STOCKS-Valeant surge helps TSX extend 13-month high

Tue Aug 9, 2016 5:36pm EDT
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(Adds strategist comment, updates prices to close)

* TSX ends up 45.61 points, or 0.31 percent, at 14,801.23

* Index at highest since June 2015

* Eight of the TSX's 10 main groups rise

By Alastair Sharp

TORONTO, Aug 9 (Reuters) - Canada's main stock index extended its rally at a 13-month high on Tuesday, boosted by a surge in shares of Valeant Pharmaceutical International Inc after the drug maker said it would sell billions of dollars of assets to pay down debt.

The index notched its fifth straight rising session and second straight close above a high last seen in June 2015.

The most influential gainer by a factor of four was Valeant, which jumped 25 percent to C$36.88 after its CEO said it will sell billions of dollars of non-core assets and could accept offers for its main businesses.

Big banks and gold miners also helped boost the index, while the energy group ended flat even as oil prices fell as a surprise U.S. crude stockpile build last week heightened worries about a global petroleum glut.   Continued...