Canada’s benchmark stock index rose in morning trade on Tuesday as materials stocks gained with higher commodity prices and drugmaker Valeant Pharmaceuticals International Inc surged as it sold assets.
At 10:00 a.m. ET (1500 GMT), the Toronto Stock Exchange’s S&P/TSX composite index rose 58.45 points, or 0.38 percent, to 15,447.40.
Shares in Valeant rose 9.1 percent to C$22.14 after the drugmaker said it is selling its Dendreon cancer business and three skincare brands for about $2.12 billion as it looks to pay down its more than $30 billion debt.
The materials group, which includes precious and base metals miners and fertilizer companies, added 1.7 percent as copper prices jumped and gold and silver also gained.
Among the most influential movers on the index were First Quantum Minerals Ltd, which rose 8.7 percent to C$15.68, and Teck Resources Ltd, which added 6.8 percent to C$29.35.
Seven of the index’s 10 main groups rose, although the heavyweight financial and energy groups were flat to barely higher, with advancers outnumbering decliners overall by a 1.74-to-1 ratio.
Oilfield services company Savanna Energy Services Corp rose 2.4 percent to C$2.15 as it said it would open its books to potential suitors this week.
Gildan Activewear shares gained 3.2 percent to C$34.49 after it said it won a bankruptcy auction to buy U.S. fashion retailer American Apparel for about $88 million in cash.
Department store operator Hudson’s Bay Co fell 10.4 percent to C$10.45 after it cut its full-year revenue forecast.
Copper prices advanced 3.1 percent to $5,763 a tonne, while gold futures rose 0.5 percent to $1,188.9 an ounce.
Canadian housing starts rose more sharply than expected in December and November building permits were also firmer than anticipated, separate reports showed on Tuesday, suggesting Canada’s long housing boom may not be over.
Barrick Gold Corporation (ABX) ended last trading session with a change of -1 percent. It trades at an average volume of 18.12M shares versus 17.27M shares recorded at the end of last trading session. The share price of $16.8 is at a distance of 128.5 percent from its 52-week low and down -28.24 percent versus its peak. The company has a market cap of $20.13B and currently has 1.2B shares outstanding. The share price is currently 9.27 percent versus its SMA20, 6.32 percent versus its SMA50, and -5.27 percent versus its SMA200. The stock has a weekly performance of 2.5 percent and is 5.13 percent year-to-date as of the recent close.
Encana Corporation (ECA) recently recorded 0.63 percent change and currently at $12.79 is 329.46 percent away from its 52-week low and down -5.08 percent versus its peak. It has a past 5-day performance of 7.12 percent and trades at an average volume of 13.6M shares. The stock has a 1-month performance of -0.04 percent and is 8.94 percent year-to-date as of the recent close. There were about 962.52M shares outstanding which made its market cap $12.31B. The share price is currently 3.16 percent versus its SMA20, 9.44 percent versus its SMA50, and 38.72 percent versus its SMA200.