The Canadian stock market survived several bouts of selling
pressure Friday before ending the day with a nine point gain. It
had been down for most of the session. Right from the off, it
opened 40 points below Thursday's close, and was still nearly 20
points lower with about half an hour of trading to go.
Market sentiment wasn't helped by lower commodity prices and
news out of Chile surrounding both Barrick Gold (ABX.TO) and Silver
But losses were capped by buying in individual stocks like
Valeant Pharmaceuticals (VRX.TO), National Bank (NA.TO), Manitoba
Telecom (MBT.TO) and Niko Resources (NKO.TO).
Among commodities, gold ended Friday down 0.4%, but gained 1.6%
this week, as traders took positions ahead of the long U.S. holiday
weekend. Oil ended fractionally lower in today's session, with July
crude shedding 0.1%, to settle at $94.15 a barrel. Over the week,
oil lost about 2% of its value.
Silver Wheaton has been notified by Barrick Gold that Barrick is
currently reviewing a resolution that it has received on the
Pascua-Lama project by Chile's Superintendent of the Environment.
The SMA requires Barrick to complete Pascua-Lama's water management
system in accordance with the project's environmental permit before
resuming construction activities in Chile and has levied a $16
million fine against Barrick. Silver Wheaton holds a 5% share of
the estimated average annual silver production for the first full
five years of Pascua-Lama's operation. According to current
estimates, this is the equivalent of nine million ounces of
Yet, while industry sectors were mixed, mostly posting either
modest gains or losses, the Healthcare sector was the day's
standout performer, rising nearly 4%. It was boosted by reports
that Valeant Pharmaceuticals (VRX.TO) is nearing a deal to acquire
eye care company Bausch & Lomb Holdings Inc from Warburg Pincus
LLC for about $9 billion. VRX was up 13% at $87.02 a share, having
earlier hit new year highs of $90.17.
In other positive individual company news, National Bank of
Canada (NA.TO) was up about 2% after hiking its quarterly dividend
by C$0.04 to C$0.87 per share. The bank also reported adjusted
earnings of C$2.08 a share, topping analyst expectations by C$0.10
Manitoba Telecom (MBT.TO) dialled up nearly 6% in gains and
moved nearer a year high $35 after agreeing on the sale of its
Allstream unit to a firm co-founded by Egyptian billionaire Naguib
Shares of Niko Resources Ltd. (NKO) jumped near 23% after
announcing a gas discovery off the east coast of India.