CANADA STOCKS-TSX rises with materials stocks; Valeant jumps

Tue Jan 10, 2017 10:24am EST
 
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(Adds details on specific stocks, updates prices)

* TSX up 58.45 points, or 0.38 percent, to 15,447.40

* Valeant shares soar 9.1 percent on asset sales

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

TORONTO, Jan 10 (Reuters) - Canada's benchmark stock index rose in morning trade on Tuesday as materials stocks gained with higher commodity prices and drugmaker Valeant Pharmaceuticals International Inc surged as it sold assets.

At 10:00 a.m. ET (1500 GMT), the Toronto Stock Exchange's S&P/TSX composite index rose 58.45 points, or 0.38 percent, to 15,447.40.

Shares in Valeant rose 9.1 percent to C$22.14 after the drugmaker said it is selling its Dendreon cancer business and three skincare brands for about $2.12 billion as it looks to pay down its more than $30 billion debt.

The materials group, which includes precious and base metals miners and fertilizer companies, added 1.7 percent as copper prices jumped and gold and silver also gained.

Among the most influential movers on the index were First Quantum Minerals Ltd, which rose 8.7 percent to C$15.68, and Teck Resources Ltd, which added 6.8 percent to C$29.35.   Continued...