CANADA STOCKS-TSX advances with gold miners, Valeant

Mon Oct 20, 2014 5:04pm EDT
 
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* TSX up 110.09 points, or 0.77 percent, at 14,337.77
    * All of 10 main index sectors advance
    * Valeant jumps on quarterly results

    By John Tilak
    TORONTO, Oct 20 (Reuters) - Canada's main stock index
climbed on Monday to its highest in a week as shares of gold
miners rose with the bullion price and Valeant Pharmaceuticals
International Inc jumped after the drugmaker reported
quarterly results.
    A drop in the U.S. dollar and rising physical demand for
bullion in India helped push up the price of the commodity.
 
    The positive sentiment was partly offset by shares of
Canadian Pacific Railway Ltd, which slipped 1.5 percent
after the company said it had ended merger talks with CSX Corp
. 
    The broader TSX index is up more than 5 percent since
slumping to an eight-month low last week.
    "The market is generally in a buy-the-dip mode," said Marcus
Xu, president and portfolio manager at M.Y. Capital Management
Corp in Vancouver. "There are always people with cash on the
side looking for deals."
    "The market is nervous. It's still going to swing back and
forth," he added.
    Despite the recent selloff, Xu expects the Toronto equities
market to end the year higher. "There's some good value on the
TSX," he said.   
    The Toronto Stock Exchange's S&P/TSX composite index
 closed up 110.09 points, or 0.77 percent, at
14,337.77. All of the 10 main sectors on the index were higher.
    The gold-mining sector jumped 2.5 percent. Goldcorp Inc
 added 1.9 percent to C$26.33, and Barrick Gold Corp
 advanced 2.1 percent to C$15.43. 
    Shares of energy producers rose, reflecting a gain in the
price of U.S. crude oil. Suncor Energy Inc gained 1
percent to C$38.10, and Talisman Energy Inc climbed 2.2
percent to C$7.52.
    Valeant posted a higher-than-expected quarterly profit and
said that it may raise its bid for Botox maker Allergan Inc
. The stock jumped 3.9 percent to C$140.74.
 

 (With additional reporting by Leah Schnurr; Editing by Lisa Von
Ahn and Lisa Shumaker)