CANADA STOCKS-TSX gains as bank stock gains, Valeant jumps

Thu Jun 8, 2017 5:18pm EDT
 
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(Adds analyst comment, details, updates prices to close)

* TSX ends up 50.95 points, or 0.33 percent, at 15,423.09

* Six of the TSX's 10 main groups slip; financials gain 1 pct

By Alastair Sharp

TORONTO, June 8 (Reuters) - Canada's main stock index gained on Thursday, helped by rises for some of the country's biggest banking stocks and a sharp jump in Valeant Pharmaceuticals but weighed down by losses for gold miners.

The financials group climbed 1 percent after the Bank of Canada said the recent liquidity strain at Home Capital Group Inc was specific to that company and that the broader alternative lending system works.

"I think people took some confidence from the comments suggesting the central bank sees Home Capital as an isolated occurrence and still considers the underlying financial system to be fairly robust," said Colin Cieszynski, senior market analyst at CMC Markets Canada.

Bank of Nova Scotia rose 1.6 percent to C$77.85 and Toronto-Dominion Bank added 1.2 percent to C$65.06.

Valeant Pharmaceuticals International Inc also added to the positive sentiment, jumping 9.4 percent to C$17.96 after saying it would sell its iNova Pharmaceuticals business for $930 million as part of a debt reduction plan.   Continued...