CANADA STOCKS-Energy stocks help TSX to higher close; Valeant weighs

Thu Aug 11, 2016 5:12pm EDT
 
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(Adds portfolio manager comment, updates prices to close)

* TSX ends up 21.02 points, or 0.14 percent, at 14,796.06

* Seven of the TSX's 10 main groups move higher

By Alastair Sharp

TORONTO, Aug 11 (Reuters) - Canada's main stock index rose on Thursday as energy stocks gained from a bounce in oil prices, while drug maker Valeant Pharmaceuticals International Inc slumped on a report it is the target of a criminal probe.

The energy group rose 1.2 percent, leading gains after the broader index broke a five-day winning streak on Wednesday.

The Toronto Stock Exchange's S&P/TSX composite index ended up 21.02 points, or 0.14 percent, at 14,796.06. The index at one point hit a 13-month intraday high of 14,855.69.

"The Canadian market this year is I think overextended," said Barry Schwartz, portfolio manager at Baskin Financial Services. "It is a little bit of a silly rally."

Oil prices jumped the most in a month after the Saudi oil minister spoke about possible action to stabilize prices and the International Energy Agency predicted supply should tighten in the coming months after several years of overproduction.   Continued...