CANADA STOCKS-TSX gains led by resource stocks, Valeant

Mon Nov 2, 2015 2:46pm EST
 
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(Adds strategist comment, details; updates prices)

* TSX rises 61.32 points, or 0.45 percent, to 13,590.49

* Resource stocks jump 1.8 percent

By Fergal Smith

TORONTO, Nov 2 (Reuters) - Canada's main stock index managed a modest bounce on Monday after falling sharply to end last week, helped by a rebound in Valeant Pharmaceuticals International Inc and by gains in resource stocks.

The market shrugged off disappointing manufacturing data from China, with the slower pace of contraction heartening investors.

"We are starting to see signs that deceleration (in China) is leveling off a little bit," said Craig Fehr, Canadian market strategist at Edward Jones in St. Louis, Missouri.

The materials group rallied 1.8 percent, paced by fertilizer stocks. Potash Corp gained 3.1 percent to C$27.30 and Agrium Inc added 1.2 percent to C$123.15.

Cameco Corp, however, tumbled nearly 3 percent after posting lower adjusted quarterly earnings on Friday as an oversupply continued to affect demand and pricing.   Continued...