August 9, 2016 / 2:27 PM / in a year

CANADA STOCKS-Valeant surge helps TSX extend more than 1-year high

(Adds details on stocks and sectors, updates prices)

* TSX up 47.22 points, or 0.32 percent, at 14,802.84

* Index at highest since June 2015

* Seven of the TSX's 10 main groups rise

TORONTO, Aug 9 (Reuters) - A surge in shares of Valeant Pharmaceutical International Inc helped Canada's main stock index extend its push to its strongest level in over a year on Tuesday, while the big banks and resource stocks that dominate the index also gained.

The most influential gainer by far was Valeant, which jumped 11.5 percent to C$32.91 after it stuck to its full-year forecast and said it expects to sharply reduce its debt load.

The energy group climbed 1.1 percent, with Canadian Natural Resources up 1.3 percent to C$41.69 and Suncor Energy Inc adding 1 percent to C$35.98.

Oil prices rose as forecasts for a drop in U.S. inventories and speculation of producer action to prop up prices countered concern about a supply glut.

Big banks and gold miners also helped boost the index, which on Monday recorded its highest close in more than a year.

At 9:54 a.m. (1354 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 47.22 points, or 0.32 percent, at 14,802.84.

Seven of the index's 10 main groups were in positive territory, as it traded at its highest since June 26 last year.

There were five gainers for every two decliners.

The materials group, which includes precious and base metals miners and fertilizer companies, added 0.7 percent, with Goldcorp Inc up 2 percent to C$23.68.

Royal Bank of Canada rose 0.3 percent to C$80.14, Toronto-Dominion Bank gained 0.3 percent to C$57.18, and Bank of Nova Scotia added 0.3 percent to C$66.84.

The financials sector accounts for more than a third of the index's weight, while the energy and materials sectors combine to account for another third.

Canadian housing starts fell in July from June, as construction of multiple units - typically condos - fell 13.3 percent after an unexpectedly large gain in June, data from the national housing agency showed on Tuesday. (Reporting by Alastair Sharp; Editing by Chizu Nomiyama)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below