Equities in Canada’s largest centre rose Thursday, helped by a gain in drug giant Valeant Pharmaceuticals International, while energy issues fell.
The S&P/TSX composite index moved forward 21.77 points in light trading to close Thursday 13,425.19. Even so, the index has dropped 8.4% in 2015, trailed only by Singapore and Greece among developed markets.
The Canadian dollar was virtually unchanged at 75.25 cents U.S.
Valeant increased $2.54, or 2.2%, ending a three-day retreat to finish the day at $117.89. Shares of the embattled drug maker declined Wednesday after a hedge fund, long bearish on Valeant, published a new list of pharmacies it said were probably tied to the company. Valeant has denied the accuracy of such allegations.
Once pegged as the largest company in Canada by market capitalization this year, Valeant has plunged 65% from an Aug. 5 high amid scrutiny by investors, lawmakers and regulators over its pricing practices.
Zinc and copper led an advance in base metals as China weighed state purchases, output cuts and a probe into short- selling in an effort to stem the rout in commodities prices this year.
Copper producer First Quantum Minerals Ltd. added 31 cents, or 6.4%, to $5.12, as raw-materials producers climbed, offsetting a retreat in the oil patch.
Canadian Oil Sands Ltd. fell eight cents, or 0.9%, to $8.82 after a Suncor Energy Inc. executive said it takeover offer will not be extended should regulators uphold the target's poison pill defence. The official told the Alberta Securities Commission his company is prepared to let its offer expire on Dec. 4.
Other influential gainers on the index included Bombardier Inc., up a penny, or 0.8%, to $1.33, and Potash Corporation of Saskatchewan, which rose 33 cents, or 1.3%, to $26.71.
ON BAYSTREET
The TSX Venture Exchange gained 2.54 points to 521.73.
All but three of the 13 TSX subgroups were higher, led by metals and mining, rocketing 3.5%, while health-care was better by 1.7%, and materials climbed 1.2%.
The three laggards consisted energy and consumer staples, each of which tailed off 0.6%, while real-estate backed off 0.3%.
ON WALLSTREET
U.S. markets are closed for Thanksgiving and the stock market closes at 1 p.m. EST on Friday.
