Canadian stocks up as energy rise offsets healthcare loss

Canada's main stock market in Toronto marched higher Thursday in a broad but shallow bounce as stabilizing oil prices helped energy stocks, while healthcare stocks weighed heavily as a major drug company slumped on probe report.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index gained 21.02 point, or 0.14 percent, to close at 14,796.06 points. Six of the TSX index's eight main sub-sectors were higher.

Oil prices jumped the most in a month, rising more than 4 percent on Thursday, after comments from the Saudi oil minister about possible action to stabilize prices triggered a round of buying and the IEA forecast crude markets would tighten in the second half of 2016.

U.S. crude settled at 43.49 U.S. dollars per barrel, up 4.3 percent, while Brent crude closed 4.5 percent higher at 46.04 U.S. dollars, after both jumped more than 5 percent during the session.

TSX energy went up 1.18 percent as Baytex Energy Corp. hiked 4.47 percent to 6.54 Canadian dollars (5.04 U.S. dollars) while Encana Corporation jumped 5.60 percent to 11.88 Canadian dollars.

Healthcare sector was hammered by 4.32 percent as Valeant Pharmaceuticals International Inc. was among the more infamous stocks amid reports the drug maker is the target of a U.S. criminal investigation.

Valeant closed the day down 3.99, or 11.16 percent, to 31.76 Canadian dollars, while rival Concordia International was stung 1.04, or 4.66 percent, to 21.26 Canadian dollars.

Valeant stock surged 25 percent earlier this week after it unveiled a plan to raise billions from asset sales.

Industrials rose 0.36 percent, with Canadian National Railway up 0.66 percent to 82.47 Canadian dollars.

Gold stocks dulled in price, most notably, Kinross Gold, stumbling 21 cents, or 3 percent, to 6.85 Canadian dollars, while Iamgold subsided 15 cents, or 2.2 percent, to 6.59 Canadian dollars.

Consumer staples improved, as Metro gained 10 cents to 47.25 Canadian dollars, while Alimentation Couche-Tard acquired 91 cents, or 1.5 percent, to 59.82 Canadian dollars.

On the economic beat, Statistics Canada reported that the new housing price index rose 0.1 percent in June, following a 0.7 percent increase in May.

The advance was driven mainly by new housing prices in Toronto, Oshawa and Vancouver, and moderated by decreases in Calgary and Edmonton.

The Canadian dollar traded higher at 0.7704 U.S. dollar, compared with Tuesday's closing rate of 0.7655 U.S. dollar. Endit