CANADA-STOCKS-TSX rises with banks, Suncor; Valeant slumps on arrests

Thu Nov 17, 2016 10:56am EST
 
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(Adds details on specific stocks, updates prices)

* TSX up 77.90 points, or 0.53 percent, at 14,811.12

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

TORONTO, Nov 17 (Reuters) - Canada's main stock index gained on Thursday in a broad rally led by heavyweight resource and financial stocks, as crude prices rose and the country's largest oil and gas company forecast higher production and lower costs in 2017.

Suncor Energy Inc rose 0.6 percent to C$41.25 after it said it expected production to rise by more than 13 percent next year and spending to fall by more than C$1 billion ($746 million).

The overall energy group climbed 0.7 percent, with oil prices boosted by Saudi optimism that OPEC will be able to reach a deal to curb output later this month.

At 10:26 a.m. EDT (1526 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 77.90 points, or 0.53 percent, at 14,811.12.

All of the index's 10 main groups were in positive territory, with four advancers for every decliner.

Offsetting the gains, Valeant Pharmaceuticals International Inc shares fell 6.4 percent to C$22.49 after two former executives were arrested on charges related to an investigation into the drugmaker's ties to a specialty pharmacy company.   Continued...