CANADA STOCKS-TSX rebounds off 2013 lows as energy gains, Valeant surges

Tue Dec 15, 2015 4:49pm EST
 
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(Adds details, updates price action)

* TSX ends up 224.08 points, or 1.77 percent, at 12,919.57

* All of the TSX's 10 main groups move higher

By Alastair Sharp

TORONTO, Dec 15 (Reuters) - Canada's main stock index jumped on Tuesday, a day after hitting a more than two-year low, in a broad rally led by shares in energy companies as crude prices rose and as heavyweight bank stocks also gained.

But the most influential mover on the index was Valeant Pharmaceuticals International Inc, which surged 15.9 percent to C$149.75 after the company, which has been accused of price gouging, said it would sell its skin and eye products at a discount in more than 8,000 Walgreens Boots Alliance Inc's pharmacies in the United States.

The energy group climbed 2.4 percent as oil prices moved off multi-year lows. Canadian Natural Resources advanced 3 percent to C$29.67 and Suncor Energy Inc rose 1.7 percent to C$35.13.

Energy stocks are down almost 30 percent this year, and fell sharply after an OPEC meeting earlier this month failed to agree production cuts amid a global supply glut.

"Those stocks have been particularly hard hit in the last little while," said Michael Sprung, president at Sprung & Co Investment Counsel. "I don't think you can read too much into one day with a bit of a reversal here."   Continued...