CANADA STOCKS-TSX edges lower as miners, Valeant offset losses

Tue Nov 1, 2016 4:58pm EDT
 
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(Adds portfolio manager comment, updates prices to close)

* TSX ends down 8.95 points, or 0.06 percent, at 14,778.32

* Seven of the TSX's 10 main groups fall

By Alastair Sharp

TORONTO, Nov 1 (Reuters) - Canada's main stock index ended barely lower on Tuesday as heavyweight financial and industrial stocks weighed and gold miners benefited from safe-haven demand for precious metals ahead of next week's U.S. election.

Shares in Valeant Pharmaceuticals International Inc jumped 30.2 percent to C$31.18 after The Wall Street Journal reported the drugmaker is in talks to sell a stomach-drug business for about $10 billion.

Other influential gainers included Barrick Gold Corp , which jumped 4.5 percent to C$24.66, and Franco Nevada Corp, which advanced 2.7 percent to C$90.13.

Gold, silver and platinum rallied to one-month highs as concerns over the outcome of the U.S. election sparked losses in stocks and the dollar, prompting investors to seek out precious metals as a haven from risk.

The Toronto Stock Exchange's S&P/TSX composite index settled down 8.95 points, or 0.06 percent, at 14,778.32.   Continued...