CANADA STOCKS-TSX rises with financials and materials; Valeant jumps

Tue Jan 10, 2017 4:49pm EST
 
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(Adds portfolio manager quotes and updates prices)

* TSX closes up 37.33 points, or 0.24 percent, at 15,426.28

* Valeant shares jump 7.5 percent on asset sales

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

By Fergal Smith

TORONTO, Jan 10 (Reuters) - Canada's benchmark stock index rose on Tuesday, led by the financial and materials groups as metal prices rose, while shares of drugmaker Valeant Pharmaceuticals International Inc surged as it sold assets.

The Toronto Stock Exchange's S&P/TSX composite index closed up 37.33 points, or 0.24 percent, at 15,426.28.

"On a flat day financials always seem to catch a little bit of a bid and then you've got the strength in the base metals contributing to the index move along with Valeant," said Matt Skipp, president of SW8 Asset Management.

Shares in Valeant rose 7.5 percent to C$21.82 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.   Continued...