April 23 (Bloomberg) -- Canadian stocks fell, erasing an earlier advance in the last half hour of trading, as Valeant Pharmaceuticals International Inc. tumbled to overshadow gains among commodity shares.
Valeant slid 2.8 percent, with almost half of the loss coming in the final minute of trading. The shares rallied yesterday following its offer to acquire Allergan Inc. Suncor Energy Inc., Canada’s largest energy company, rose 2.6 percent to its highest in almost three years. Alacer Gold Corp. and Detour Gold Corp, added more than 3.9 percent as the metal rose from a 10-week low. Callidus Capital Corp. jumped 20 percent on its first day of trading.
The Standard & Poor’s/TSX Index dropped 22.58 points, or 0.2 percent, to 14,533.39 at 4 p.m. in Toronto, after gaining as much as 0.2 percent earlier.
Valeant Pharmaceuticals fell 2.8 percent to C$145.25. The drug company jumped 7.7 percent yesterday as it teamed with hedge fund manager Bill Ackman to bid for Allergan Inc.
Crew Energy Inc. rose 4.8 percent to C$12.51, its highest in more than two years, to pace gains among energy companies. Crew has increased 96 percent this year. Suncor rose 2.6 percent to C$41.37.
“The energy sector continues to outperform and lead the market,” said Youssef Zohny, a portfolio manager at Stenner Investment Partners of Richardson GMP Ltd. “Gold and silver is balancing after its recent correction,” he said. Richardson GMP manages about C$26 billion ($23.6 billion).
Consumer-staples companies climbed 1 percent as a group after Canadian retail sales rose 0.5 percent in February, in line with analyst estimates.
Callidus Capital rose 20 percent to C$16.77. The financial services company raised C$252 million in an initial public offering price priced at $14 a share.
To contact the reporter on this story: Gerrit De Vynck in Toronto at firstname.lastname@example.org
To contact the editors responsible for this story: Lynn Thomasson at email@example.com Jeff Sutherland