CANADA STOCKS-TSX gains broadly, Valeant surges after reshuffle

Mon Mar 21, 2016 4:31pm EDT
 
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(Adds portfolio manager comment, details; updates prices to close)

* TSX ends up 64.02 points, or 0.47 percent, at 13,561.09

* All 10 of the TSX's main groups rise

By Alastair Sharp

TORONTO, March 21 (Reuters) - Canada's main stock index ended higher on Monday, helped by rising financial and telecom stocks and by a surge in Valeant Pharmaceuticals International Inc after it parted ways with its CEO and invited an activist investor to its board.

Valeant shares settled up 8.5 percent at C$37.90 after it said its chief executive, Michael Pearson, would leave and billionaire investor William Ackman would join its board as it tries to clean up accounting problems and save its business. It had traded at a peak nearing C$350 last August.

The heavyweight financials group gained 0.5 percent, with insurer Manulife Financial Corp up 2.9 percent at C$19.02. Telecoms added 1 percent overall, with Telus Corp adding 1.5 percent to C$41.66 and BCE Inc rising 0.9 percent to C$58.37.

The Toronto Stock Exchange's S&P/TSX composite index closed up 64.02 points, or 0.47 percent, at 13,561.09. All 10 main sectors gained, as investors cheered an improved tone that has helped lift the index to highs last seen in November.

"Oil has improved a little bit here and the extreme negativity we had going back three or four months ago has waned a bit and even the Canadian dollar has improved," said Irwin Michael, portfolio manager at ABC Funds.   Continued...