TSX Continues Climb Even As Miners Turn Red; Up 211 Points Mid-Afternoon
The TSX surged 211 points in the mid-afternoon session, significantly adding to its earlier gains, as healthcare shares continued to climb, offsetting losses in mining stocks.
Valeant Pharmaceuticals (VRX.TO) rallied nearly 19% recently after announcing Walgreens as its new distribution partner, selling its dermatological and ophthalmological products in more than 8,000 branches of the drug retailing chain. The drug maker was under fire for the questionable business practices of its former affiliate Philidor.
Meanwhile, commodity prices were mixed amid the U.S. Federal Reserve's two-day policy meeting, which ends Wednesday. The bank is expected to raise key rates for the first time in nearly a decade. Brent crude was last up 2.7% at US$38.96/barrel, while gold slipped 0.1% to US$1,062.30/ounce.
Total volume traded already exceeded 236 million shares. First Quantum Minerals (FM.TO) was the most actively traded stock.
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