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CANADA STOCKS-TSX touches fresh record as Valeant jumps; resources slip
November 7, 2017 / 3:58 PM / 11 days ago

CANADA STOCKS-TSX touches fresh record as Valeant jumps; resources slip

(Updates throughout with stock and index moves)

* TSX up 17.67 points, or 0.11 percent, to 16,109.87

* Six of the TSX’s 10 main groups were up

TORONTO, Nov 7 (Reuters) - Broad gains led by Valeant Pharmaceuticals International lifted Canada’s benchmark stock index to a record high on Tuesday, breaching the previous record set last week.

At 10:44 a.m. ET (1544 GMT), the Toronto Stock Exchange’s S&P/TSX composite index rose 17.7 points, or 0.11 percent, to 16,109.90. This was higher than the previous record of 16,105.88, and the TSX touched as high as 16,128.27 in morning trading.

Six of the 10 main sectors on the index advanced.

Valeant soared 16.3 percent to C$17.95 after it reported a forecast-beating quarterly profit on the strength of its Bausch and Lomb eye-care business. Healthcare stocks leaped 3.9 percent.

Suncor Energy, which advanced 0.9 percent to C$45.775, gave the index one of its biggest lifts.

Still, energy stocks as a whole retreated 0.2 percent after Monday’s 2.5 percent rally. The move was in tandem with crude oil prices that dipped following the previous session’s 3 percent surge.

The financial services sector, which accounts for about a third of the index’s weight, gained 0.1 percent, with individual stocks inching modestly higher.

Industrials rose 0.3 percent, with Finning International Inc advancing 3.1 percent to C$32.48 after it reported third quarter results that surpassed expectations.

Mining and other resource companies, which form the materials group, gave back some of Monday’s sharp gains, slipping 0.4 percent. A stronger U.S. dollar put some pressure on metal prices, including nickel and gold, and weighed on the sector.

Tahoe Resources Inc tumbled 9.4 percent to C$5.57 after the company reported a quarterly loss, with some investors remaining concerned about the uncertainty around its growth plans and its Escobal mine.

Declining issues outnumbered advancing ones on the TSX by 128 to 118, for a 1.08-to-1 ratio on the downside.

The index was posting 11 new 52-week highs and 1 new lows. (Reporting by Solarina Ho; Editing by David Gregorio)

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