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Roundup: Canadian stock market ends higher on pharma giant's acquisition

Xinhua, February 24, 2015 Adjust font size:

Canada's main stock market advanced on Monday amid rally in the healthcare sector over a pharma giant's acquisition, which offset losses from resources shares.

Toronto Stock Exchange's benchmark S&P/TSX Composite Index was up 28.87 points or 0.19 percent to 15,201.11 points.

The TSX index gained some momentum as healthcare shares led by 5.28 percent after its heavyweight Valeant Pharmaceuticals International, Inc. agreed to acquire gastrointestinal drug maker Salix Pharmaceuticals Ltd. in an all-cash deal valued at about 10. 1 billion Canadian dollars. The Canadian drug maker's share jumped 15.05 percent to 250.13 Canadian dollars (about 199 U.S. dollars).

Information technology stocks rose 1.66 percent as CGI Group Inc. climbed 6.16 percent to 55.46 Canadian dollars, and Constellation Software Inc. added 0.74 percent to 406 Canadian dollars.

Utilities increased 0.39 percent when Fortis Inc. grew 0.60 percent to 39.95 Canadian dollars and Canadian Utilities Ltd. rallied 0.92 percent to 41.63 Canadian dollars.

However, financials, the index's most heavily weighted sector, led the losers by 1.01 percent. Royal Bank of Canada edged down 1. 16 percent to 75.13 Canadian dollars, and Toronto Dominion Bank plummeted 0.78 percent to 53.54 Canadian dollars.

The energy sector slipped 0.59 percent as the April crude contract dropped 1.36 U.S. dollars to 49.45 dollars per barrel on the COMEX division of the New York Mercantile Exchange. Canadian Natural Resources Ltd. shed 0.27 percent to 37.40 Canadian dollars.

Industrials lost 0.55 percent as Canadian National Railway Company plunged 1.12 percent to 86.72 Canadian dollars.

On the currency front, the Canadian dollar closed Monday at 0. 7952 U.S. dollar, lower from 0.7971 U.S. dollar last Friday. Endite