Healthcare, Industrial Stocks Pacing Gains For Canada Stocks; Chorus Aviation Grounded After Dividend Cut


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Canadian stocks are higher today, with the S&P/TSX Composite Index climbing about 50 points, or 0.4%, on higher financial stocks, but down around 20 points from its best levels of the session on mixed miners.

Healthcare stocks are again pacing today's advance, rising nearly 2% as a group. Extendicare (EXE.TO) is up 2% this afternoon as traders and investors continue to digest the details from last week of its plan to split its U.S. and Canadian businesses into separate companies, its first quarter results and some senior management changes.

Also today, pharmacy benefits manager Catamaran Corp (CCT.TO,CTRX) is up nearly 3% while drug-maker Valeant Pharmaceuticals International Inc (VRX.TO, VRX) is holding on to a 2% gain and has hit new 52 week highs.

Industrial stocks are posting strong gains, largely due to a 3% rise and new 52 week high for Canadian Pacific Railway Ltd (CP.TO, CP) and a 1.3% move higher for rival Canadian National Railway Co (CNR.TO, CNI).

Those gains also are working to offset a 11% decline to new year lows for Chorus Aviation Class B (CHR-B.TO) shares after the regional airline late yesterday posted a smaller-than-expected Q1 profit and halved its quarterly dividend to $0.075 per share from $0.15. CIBC World markets today cut it rating for CHR-B.TO to the equivalent of Sell from Hold.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Commodities

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