Resources Stocks Keeping Canada Underwater Amid Demand Concerns; Healthcare Shares Surge on Valeant Deal


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Canadian stocks are lower today with mining and metals, and energy stocks proving the largest drags on the broader market amid concerns that a slowing China economy will hurt demand for Canadian commodities even more than it is already hurt. The best gains are being seen among healthcare stocks with Valeant Pharmaceuticals International Inc. (VRX, VRX.TO) - Canada's largest drug-maker - rising over 15% and hitting new year highs after announcing a $2.6 billion deal to acquire Medicis Pharmaceutical Corp. ( MRX ).

Here's where the Canadian markets stand this afternoon:

- S&P/TSX Composite Index down 22.39 (-0.19%) to 11,926.87.

- S&P/TSX Venture Composite Index down 1.57 (-0.13%) to 1,239.17.

In company news, Cenovus Energy Inc. (CVE,CVE.TO) shares are edging higher, rising about 0.4% after the Canadian oil and gas company said it is producing oil from phase D of its Christina Lake oil sands project in northern Alberta three months ahead of schedule and within budget. Production during August averaged over 61,000 barrels per day, or nearly 4,000 barrels above Q2 levels.

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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