Canadian Stocks Rise, Snap 3-Day Drop as Valeant Advances
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Canadian stocks rose, snapping a three-day loss, as Valeant Pharmaceuticals International Inc. rallied after agreeing to acquire a U.S.-based drugmaker, offsetting a drop among the nation’s lenders.
Valeant jumped 15 percent after reaching a deal to buy Salix Pharmaceuticals Ltd. for $10.1 billion. Parkland Fuel Corp. gained 2.6 percent after agreeing to buy 11 Chevron-branded service stations in British Columbia. Royal Bank of Canada retreated 1.2 percent to pace declines among financials stocks. Ballard Power Systems Inc. surged 7.5 percent after signing technology solutions contracts.