Canada Stocks Slip as Valeant Surge Offsets Broad Declines
- Valeant rises most since 1993 on report of drug sale talks
- Reuters rallies as earnings beat estimates, cuts 2,000 jobs
TSX Movers: Finning International, Thomson Reuters
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Canadian stocks staged an afternoon comeback to almost erase losses before closing at a two-week low, as Valeant Pharmaceuticals International Inc. surged the most in 23 years to offset declines in industrial and bank shares.
The S&P/TSX Composite Index fell less than 0.1 percent to 14,778.32 at 4 p.m. in Toronto, the lowest since Oct. 18. The gauge fell as much as 0.5 percent before the Wall Street Journal’s report on Valeant sent the stock surging 30 percent. The S&P/TSX rose 0.4 percent in October for a fourth monthly gain and is up 14 percent in 2016.