CANADA STOCKS-TSX rises in broad but shallow rebound, Valeant falls

Thu Aug 11, 2016 10:30am EDT
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(Adds details on stocks and sectors, updates prices)

* TSX up 34.74 points, or 0.24 percent, to 14,809.78

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

TORONTO, Aug 11 (Reuters) - Canada's main stock index rose on Thursday in a broad but shallow bounce as steadying oil prices helped energy stocks, while drug maker Valeant Pharmaceuticals International Inc slumped on a report it is the target of a criminal probe.

The energy group rose 0.8 percent, leading gains after the index broke a five-day win streak on Wednesday to slip from a 13-month high.

Oil prices picked up after the International Energy Agency, which advises large developed countries on energy policy, predicted supply should tighten in the coming months after several years of overproduction.

Canadian Natural Resources Ltd added 0.8 percent to C$41.16, pipeline operator Enbridge Inc advanced 0.6 percent to C$54.19, and Cenovus Energy Inc rose 1.3 percent to C$18.99

The most influential drag on the index was Valeant, which fell 8.1 percent to C$32.85. The Wall Street Journal reported the drugmaker is the subject of a criminal probe over whether it hid from insurers its relationship with a specialty pharmacy.

Valeant stock surged 25 percent earlier this week after it unveiled a plan to raise billions from asset sales.   Continued...