TSX Closes Up 29 Pts After Near 80 Pts Late Turnaround; Gets Shot In Arm From Valeant Pharma
Canada's main stock market, the Toronto Stock Exchange did well to close 29 points higher near the 15,201 mark on Monday. The whole day must be put in context to explain why. The TSX was down close to the 15,120 mark not only early in the session, but again with just over an hour of trading left having experienced a quick and dramatic drop from a 15,205 day high hit mid afternoon.
But while most sectors were lower, the Healthcare one was most influential of all in rising more than 5%, thanks largely to Valeant Pharmaceuticals (VRX.TO) which soared to new record highs on the TSX on the back of strong financial results for Q4 ended December 31. The Canadian drug maker also confirmed a definitive agreement to buy bowel drug maker Salix Pharmaceuticals ( SLXP ) for US$158 per share or near $10 billion as it moved to putthe failed bid for Allergan behind it. The stock closed up 15%.
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