CANADA STOCKS-TSX gains as Valeant bounces, index adds 1.4 pct on week

Fri Oct 23, 2015 4:45pm EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

(Adds portfolio manager comment, details, updates prices to close)

* TSX ends up 75.55 points, or 0.54 percent, at 13,953.66

* Seven of the TSX's 10 main groups rise; energy falls

By Alastair Sharp

TORONTO, Oct 23 (Reuters) - Canada's main stock index rose on Friday, helping it post a 1.4 percent gain on the week, as shares of embattled Valeant Pharmaceuticals International Inc bounced and a range of financial and materials stocks also gained.

Valeant closed 6 percent higher at C$152.69 after the company said it would refute allegations it had artificially inflated its revenue on Monday.

The stock has tumbled from above C$300 in recent weeks amid criticism of its drug price hikes and after a short-selling firm raised questions about its strategy and accounting practices.

The Toronto Stock Exchange's S&P/TSX composite index ended the day up 75.55 points, or 0.54 percent, at 13,953.66. Seven of its 10 main groups finished higher.

Monetary easing in China and positive U.S. tech sector earnings both helped sentiment, said Bryden Teich, associate portfolio manager at Avenue Investment Management.   Continued...