(Adds portfolio manager quotes and updates prices)
* TSX closes up 37.33 points, or 0.24 percent, at 15,426.28
* Valeant shares jump 7.5 percent on asset sales
* Six of the TSX's 10 main groups move higher
By Fergal Smith
TORONTO, Jan 10 Canada's benchmark stock index
rose on Tuesday, led by the financial and materials groups as
metal prices rose, while shares of drugmaker Valeant
Pharmaceuticals International Inc surged as it sold
The Toronto Stock Exchange's S&P/TSX composite index
closed up 37.33 points, or 0.24 percent, at 15,426.28.
"On a flat day financials always seem to catch a little bit
of a bid and then you've got the strength in the base metals
contributing to the index move along with Valeant," said Matt
Skipp, president of SW8 Asset Management.
Shares in Valeant rose 7.5 percent to C$21.82 after the
drugmaker said it is selling its Dendreon cancer business and
three skincare brands for about $2.12 billion as it looks to pay
down its more than $30 billion debt.
Still, a pullback in oil prices has weighed on the TSX since
it reached 15,621.40 on Thursday, its highest since September
Investors have also been fretting that U.S. President-elect
Donald Trump could shake markets at a news conference on
Wednesday by taking an aggressive line on issues such as trade
policy and relations with China.
"I would say that the market has been pretty optimistic
about what Trump wants to do and somewhat in denial about the
risk in implementing some of the things that he wants to do,"
Financials rose 0.4 percent, helped by gains for some of the
country's major banks. Bank of Nova Scotia rose 0.8
percent to C$76.96, while U.S. bank stocks climbed in advance of
The materials group, which includes precious and base metals
miners and fertilizer companies, added 1.6 percent as copper
prices jumped 3 percent. Gold and silver
Among the most influential movers on the index were First
Quantum Minerals Ltd, which rose 10.1 percent to
C$15.87, and Teck Resources Ltd, which added 7.8
percent to C$29.63.
Gildan Activewear shares gained 1.5 percent to
C$33.94 after it said it won a bankruptcy auction to buy U.S.
fashion retailer American Apparel for about $88 million in cash.
Four of the index's ten main groups ended lower, with energy
declining 0.9 percent as oil fell.
U.S. crude oil futures settled $1.14 lower at $50.82
a barrel, pressured by uncertainty over implementation of a
global deal to cut output.
Department store operator Hudson's Bay Co fell 12.9
percent to C$10.16 after it cut its full-year revenue forecast.
(Additional reporting by Alastair Sharp; Editing by Marguerita
Choy and Lisa Shumaker)