TSX Closes Down Near 60 Pts; Valeant In The News
Canada's main stock exchange, the Toronto Stock Exchange, lost near 60 points on Tuesday, with volumes around 40% lighter than average. The Materials and Energy sectors combined to account for more than 50 points lost while the Financials helped stem the tide, accounting for near 20 points in gains.
In the news was Valeant Pharmaceuticals (VRX.TO), which plummeted 11% in a delayed reaction to news that CEO Michael Pearson will be temporarily replaced as he goes on medical leave for severe pneumonia. He has in effect been replaced for now by a Management Committee and the market appears to be concerned this Committee will find it difficult to agree on everything and keep the ball rolling for the club.
With commodities, the NYMEX Crude February contract gained near 3% to close near US$38 a barrel ahead of API inventory data later Tuesday and an update from the U.S. Energy Information Administration on Wednesday. Elsewhere, the Gold February contract closed 0.1% lower near US$1,068 an ounce. It is being held in check by the prospect of more US interest rate increases to come over the short term.
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