CANADA STOCKS-TSX rises on boosts from oil, gold; Valeant slumps

Mon Feb 29, 2016 10:16am EST
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(Updates prices)

* TSX up 18.95 points, or 0.15 percent, at 12,816.74

* Eight of the TSX's 10 main groups rise

TORONTO, Feb 29 (Reuters) - Canada's main stock index rose on Monday as gains in oil and precious metals prices drove energy and gold mining stocks higher, while Valeant Pharmaceuticals International weighed heavily after delaying its earnings report.

The price of oil was higher after strong gains last week on increasing hopes the market has bottomed out and as OPEC kingpin Saudi Arabia said it would work with other producers to limit oil market volatility.

Suncor Energy Inc advanced 1.1 percent to C$33.26 and Canadian Natural Resources gained 1.4 percent to C$27.77. The energy group climbed 1.2 percent.

Gold was on track for its biggest monthly gain in four years, as the precious metal rediscovers its role as a shelter for risk-averse investors in the face of tumbling equities and fears of a global economic slowdown.

Barrick Gold Corp advanced 1.7 percent to C$18.58, Goldcorp Inc advanced 1.3 percent to C$18.97.

The materials group, which includes precious and base metals miners and fertilizer companies, added 1.1 percent.   Continued...