CANADA STOCKS-TSX advances as Valeant, telecoms show strength

Tue Jan 14, 2014 5:04pm EST

* TSX rises 10.90 points, or 0.08 percent, to 13,692.38
    * Six of 10 main index sectors advance
    * Valeant is market's biggest positive influence
    * Shaw slips after quarterly report

    By John Tilak
    TORONTO, Jan 14 (Reuters) - Canada's main stock index edged
higher on Tuesday as Valeant Pharmaceuticals gained
after a report indicated its interest in a unit of Pfizer Inc
 and telecoms shares rose after Globalive pulled out of a
wireless auction.
    Valeant shares climbed after Reuters reported that the
drugmaker had expressed interest in buying Pfizer's branded
generics business. 
    Investors were also encouraged as a gauge of U.S. consumer
spending rose more than expected in December, indicating greater
momentum for the world's biggest economy and lifting sentiment.
 
    However, a decline in shares of Shaw Communications Inc
, following the cable company's quarterly report,
capped the gains.
    Tuesday's modest advance was the benchmark index's fifth
positive session in the last six trading days.
    "One of the game changers in 2014 could be macro risks
fading and a global synchronized recovery emerging," said Paul
Taylor, chief investment officer at BMO Asset Management, who
sees the Toronto market benefiting from those trends.
    Taylor, who expects the TSX to perform in sync with U.S.
stocks this year, said the index could end 2014 at around
14,500.
    The Toronto Stock Exchange's S&P/TSX composite index
 closed up 10.90 points, or 0.08 percent, at 13,692.38.
    Six of the 10 main sectors on the index were higher.
    The telecoms group added 0.6 percent as Globalive's decision
to stay out of a wireless auction boosted the big players.
Rogers Communications gained 1.7 percent to C$47.86,
Telus Corp advanced 0.6 percent to C$37.03, and BCE Inc
 rose 0.7 percent to C$46.72. 
    Valeant jumped 4 percent to C$147.51 and had the biggest
positive influence on the market. The move also helped push the
healthcare sector up 1.3 percent.
    Gold-mining shares gave back 1.2 percent. Goldcorp Inc
 shed 2.6 percent to C$24.34, and Barrick Gold Corp
 lost 1.2 percent to C$19.49.
    Shaw shares slipped 1.7 percent to C$24.88 after the company
posted a 4 percent rise in first-quarter profit but said it
continued to lose customers in its main cable television
business.