CANADA STOCKS-TSX up despite commodity weakness; Couche-Tard, Valeant jump

Mon Aug 22, 2016 4:42pm EDT
 
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(Adds portfolio manager comment, updates prices to close)

* TSX ends up 60.73 points, or 0.41 percent, at 14,748.19

* Eight of the TSX's 10 main groups rise

By Alastair Sharp

TORONTO, Aug 22 (Reuters) - Canada's main stock index rose on Monday as Alimentation Couche-Tard Inc jumped after the convenience store operator bought a U.S. chain in an expansion move and drugmaker Valeant Pharmaceuticals rose after it hired a new chief financial officer.

Lower oil and metal prices weighed on energy and mining stocks.

Couche-Tard jumped 7.5 percent to C$66.78 after the company said it would buy U.S. chain CST Brands Inc in a roughly $4.4 billion deal.

"They're a quality name in a tape that's struggling to find quality, and especially a tape that's struggling to find quality growth," said John Stephenson, president at Stephenson & Company Capital Management.

Couche-Tard also said it would sell some Canadian CST assets to Parkland Fuel Corp, whose shares rose 15.9 percent to C$29.27.   Continued...