Canada Stocks Fluctuate as Valeant Advance Offsets Energy Slide

Updated on

Canadian stocks were little changed after two days of gains, as an advance among health-care stocks offset a slump in energy producers after oil slid to a three-week low.

Turquoise Hill Resources Ltd. rose 5 percent after Mongolia and parent Rio Tinto Group settled a dispute over the Oyu Tolgoi copper and gold mine. Valeant Pharmaceuticals International Inc. increased 3.3 percent to pace gains among health stocks. Penn West Petroleum Ltd. and Painted Pony Petroleum Ltd. fell more than 7.3 percent as crude slid a fifth day in New York.

The Standard & Poor’s/TSX Composite Index rose 12.90 points, or 0.1 percent, to 15,121.02 at 4 p.m. in Toronto. Canadian markets were closed Monday for the Victoria Day holiday.

Six of 10 industries in the S&P/TSX retreated on trading volume 5.4 percent lower than the 30-day average today. Valeant and ProMetic Life Sciences Inc. jumped as health-care companies gained 3 percent as a group.

ProMetic increased 4.2 percent, to an almost three-week high, after the company agreed to a 15-year manufacturing pact with Emergent BioSolutions Inc. The deal gives ProMetic access to Emergent’s biopharmaceuticals facility in Winnipeg.

Imperial Metals Corp. tumbled 6.3 percent after its top shareholder agreed to provide additional funds to the copper miner after a delay to the start of production.

Penn West Petroleum retreated 9.5 percent as energy companies dropped 1.4 percent as a group.

West Texas Intermediate crude for June delivery fell 3.7 percent to $57.26 a barrel in New York, the lowest since April 28, as the dollar strengthened and Goldman Sachs Group Inc. said a continuing surplus would send prices back to $45 a barrel by October.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE