Canada Stocks Fall as Valeant Slump Offsets Gold Producer RallyEric Lam
Canadian stocks fell, after posting a weekly advance, as drug companies and energy producers declined to offset a gain in gold.
Valeant Pharmaceuticals International Inc. and Concordia Healthcare Corp. tumbled at least 4.4 percent to pace declines among health-care stocks. Suncor Energy Inc. fell 0.9 percent as oil reversed an earlier gain. Barrick Gold Corp. added 1.8 percent as the company prepares to release earnings results after the market close. BlackBerry Ltd. dropped 1.9 percent.
The Standard & Poor’s/TSX Composite Index fell 64.25 points, or 0.4 percent, to 15,344.08 at 4 p.m. in Toronto. The benchmark Canadian equity gauge is up 4.9 percent for the year.
Valeant dropped 4.5 percent, the biggest decrease since August, and Concordia Healthcare sank 5.2 percent, its worst one-day performance in 10 months.
Teva Pharmaceutical Industries Ltd. will take its $40.1 billion takeover offer for Mylan NV to shareholders after the company rejected its advances, according to people with knowledge of the matter.
Pacific Rubiales Energy Corp. lost 7 percent and Torc Oil & Gas Ltd. retreated 4 percent as energy producers dropped 0.4 percent as a group. Eight of 10 industries in the S&P/TSX dropped on trading volume 4.3 percent higher than the 30-day average at this time of the day.
BlackBerry dropped 1.9 percent, trimming its gain for the month to 9.7 percent.
Alacer Gold Corp. gained 6 percent and Barrick Gold rose 1.8 percent. Gold futures for June delivery jumped 2.4 percent, the most since January. The S&P/TSX Materials index climbed 0.8 percent for the best performance among groups in the broader gauge.
Silver Standard Resources Inc. jumped 4.9 percent as silver rallied 4.8 percent in New York. First Quantum Minerals Ltd. surged 6.6 percent.
Resverlogix Corp. added 6.7 percent after agreeing to a licensing deal with a Chinese drugmaker.