CANADA STOCKS-TSX falls as Valeant plunge offsets gains for gold miners, financials

Tue Mar 15, 2016 5:15pm EDT
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(Adds analyst quotes, details on industrials, Barrick Gold, Suncor Energy; updates prices)

* TSX ended down 77.23 points, or 0.57 percent, at 13,400.31

* Five of the TSX's 10 main groups ended lower

By Fergal Smith

TORONTO, March 15 (Reuters) - Canada's main stock index fell on Tuesday as Valeant Pharmaceuticals International Inc tanked, overshadowing gains for gold miners and financials ahead of a Federal Reserve interest rate decision on Wednesday.

The shares of Valeant plunged 51 percent to C$45.14 after the drugmaker cut its 2016 revenue forecast by about 12 percent and said a delay in filing its annual report could pose a debt default risk.

"Valeant has got everyone's attention," said Paul Hand, managing director at RBC Capital Markets. "It's really quite stunning."

Industrial stocks also dragged, including a nearly 3 percent drop in the shares of Canadian Pacific Railway Ltd to C$169.88.

However, excluding Valeant, the index would have risen 0.3 percent in quiet trading ahead of the Fed decision.   Continued...