CANADA STOCKS-TSX at highest close in year, 4th weekly gain; telecoms shine

Fri Jul 22, 2016 4:40pm EDT
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(Adds portfolio manager comment, updates prices to close)

* TSX ends up 34.83 points, or 0.24 percent, at 14,600.66

* Eight of the TSX's 10 main groups rise

* Index gains 0.8 percent on week, highest close since July 2015

By Alastair Sharp

TORONTO, July 22 (Reuters) - Canada's main stock index hit its highest close in a year on Friday, notching a fourth straight weekly gain as yield-producing telecom and utility stocks found favor, offsetting a plunge in shares of Valeant Pharmaceuticals International Inc.

Valeant fell 6.2 percent to C$30.03 after U.S. regulators raised concerns about a new eye drop the company manufactures.

Telecoms climbed 1.3 percent, with Rogers Communications Inc extending post-earnings gains with a 2.1 percent advance to C$56.81.

Its rivals, which have not yet reported second-quarter numbers, also gained, with Telus Corp adding 1.6 percent to C$43.96 and BCE Inc up 0.6 percent to C$63.15.   Continued...