Canadian Stocks Rising Today; Blackberry, Valeant Helping Pace Gains

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Canadian stocks are up around 45 points and near session highs Wednesday afternoon with most industry sectors in the black, paced by gains for technology stocks, including an 8% advance for shares of Blackberry Inc (BB.TO, BBRY) after analysts at Morgan Stanley today raised their rating for the smartphone manufacturer to Overweight with a $22 a share price target.

Healthcare stocks also are doing well, supported by a nearly 3% rise and new year high for Valeant Pharmaceuticals International Inc (VRX.TO, VRX) after the drug-maker announced a $360-mln deal for Obagi Medical Products Inc ( OMPI ).

The transaction is expected to close by the end of June, with VRX saying the deal should be immediately accretive to per-share earnings. The combination also is expected to yield cost synergies of at least $40 mln per year within six months of closing, it said.

In economic news, Canadian businesses had 221,000 job vacancies in December, unchanged from December 2011, according to StatisticsCanada. There were 5.7 unemployed people for every job vacancy, also little changed from 5.8 in December 2011.



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This article appears in: Investing , Commodities

Referenced Stocks: OMPI

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