TSX Adds to Early Gains As Resources, Healthcare Rally; Up 82 Points at Midday
The TSX was ahead by 82 points at midday, building on earlier gains, as higher commodity prices continued to fuel the rally in resource stocks and Valeant Pharmaceuticals (VRX.TO) extended its support to the healthcare group.
Oil prices regained their strength after Tuesday's turmoil as investors hold on to the hope of the signing of an agreement this month for the much-awaited freeze in production. At last glance, Brent was up 3.3% at US$40.96/barrel, while the WTI rose 4.4% to US$38.09/barrel.
Meanwhile, Valeant Pharmaceuticals was advancing after Jefferies' David Steinberg reportedly reiterated his buy investment recommendation on the drug maker, following the AAD conference, where the analyst said Valeant had a "very strong" presence.
The energy and mining sectors climbed 1.6% and 1.2%, respectively, while healthcare surged 1.3%. Financials were higher by 0.7%.
Total volume traded so far stood at 244.2 million shares. Baytex Energy (BTE.TO) was the most actively traded stock.
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