CANADA STOCKS-TSX little changed as banks decline; Valeant jumps

Wed Sep 24, 2014 4:48pm EDT
 
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* TSX down 5.13 points, or 0.03 percent, at 15,120.54
    * Six of 10 main index sectors advance
    * Valeant jumps on forecast for strong third-quarter results
    * BlackBerry slips on day of new smartphone launch

    By John Tilak
    TORONTO, Sept 24 (Reuters) - Canada's main stock index was
little changed on Wednesday as a decline in the financial sector
offset a jump in shares of Valeant Pharmaceuticals International
Inc after the drugmaker gave a bullish quarterly
outlook.
    Valeant said it expects to report higher-than-expected
third-quarter revenue and stronger adjusted earnings per share,
sending its shares up 7 percent to C$137.29. 
    The Toronto stock market's benchmark TSX index has fallen
about 3.6 percent from the record high of 15,685.13 it reached
earlier this month. 
    "It's quite likely that the TSX tests support at 15,000.
There's a good chance that it may perhaps trade lower from
there," said Elvis Picardo, strategist and vice president of
research at Global Securities in Vancouver.
    "We're seeing quite a bit of volatility in commodity
prices," he added. "So it's quite likely that we go lower from
here before we hopefully go on to new highs next year."
    The energy group, one of the worst-hit sectors over the last
three months, has been dropping with the oil price as worries
about increasing oil supply and sluggish demand have taken a
toll.
    The Toronto Stock Exchange's S&P/TSX composite index
 closed down 5.13 points, or 0.03 percent, at
15,120.54. Six of the 10 main sectors on the index were higher.
    Shares of energy producers ended up slightly after a
volatile session, with the price of U.S. crude oil rising 1.4
percent. Suncor Energy Inc dropped 1 percent to C$40.85,
but Canadian Natural Resources Ltd added 0.4 percent at
C$44.12.    
    Financials, the index's most heavily weighted sector, fell
0.5 percent. Bank of Nova Scotia lost 1.2 percent to
C$70.11, and Toronto-Dominion Bank declined 0.8 percent
to C$56.42.
    In corporate news, BlackBerry gave back 0.8 percent
to C$11.61 after the company launched an unconventional new
smartphone dubbed the Passport. 
    ($1=$1.11 Canadian)

 (Editing by Meredith Mazzilli and Peter Galloway)