CANADA STOCKS-TSX rises as oil and gold rally; Valeant slumps

Mon Feb 29, 2016 5:23pm EST
 
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(Adds quotes, details on Valeant, updates prices)

* TSX ends up 62.56 points, or 0.49 percent, at 12,860.35

* Nine of the TSX's 10 main groups rise

By Fergal Smith

TORONTO, Feb 29 (Reuters) - Canada's main stock index rose on Monday as commodity market gains drove resource stocks higher, while Valeant Pharmaceuticals International dragged on news it is under investigation by the Securities and Exchange Commission.

U.S. crude prices rose nearly 3 percent to settle at $33.75 a barrel after China moved to boost its slowing economy and Saudi Arabia pledged to work with other crude producers to limit market volatility.

"More stable and more certain growth in China will certainly propel a more stable and stronger TSX (Toronto Stock Exchange)," said Stan Wong, director & portfolio manager at Scotia Wealth Management.

Canadian Natural Resources Ltd gained 3.3 percent to C$28.28, while Enbridge Inc was up 1.7 percent at C$47.79. The energy group climbed 2 percent.

Gold rose more than 1 percent, logging its best monthly performance in four years as turmoil in wider markets increased its safe-haven appeal.   Continued...