TORONTO: Canada’s main stock index jumped in early trade on Monday in a broad rally led by big banks and energy stocks as well as Valeant Pharmaceuticals International Inc, which said it was bringing an eye treatment to market.
At 9:48 a.m. ET (1448 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 133.98 points, or 0.84 percent, at 16,175.96, just off an all-time high hit last Wednesday.
All 10 of its main groups were in positive territory, with 15 advancers for every decliner overall.
First Quantum Minerals Ltd rose 1.7 percent to C$17.41 after the miner said it had acquired an option on a 50 percent stake in the Pebble copper-gold project in Alaska. The project’s owner, Northern Dynasty Minerals Ltd lost 7.9 percent to C$2.58 after initially jumping.
Bombardier Inc was up 2.3 percent to C$3.14. The plane and train maker said its joint venture in China had won a monorail contract worth $271 million and that it had also won a $238 million contract in Australia’s Melbourne.
Valeant Pharmaceuticals International Inc rose 5.1 percent to C$26.68 after saying that its Bausch + Lomb division had began distributing a treatment for glaucoma to US wholesale pharmaceutical distributors.
The energy group climbed 1.1 percent, while financials gained 0.6 percent and industrials rose 0.8 percent. The materials group, which includes precious and base metals miners and fertilizer companies, added 0.9 percent.
Source: Brecorder.com
