CANADA STOCKS-TSX slips as Valeant, CN Rail weigh; gold stocks rally

By Kitco News / January 24, 2018 / www.kitco.com / Article Link

(Adds details throughout on sectors and stocks; updates prices)

* TSX falls 8.9 points, or 0.05 percent, to 16,348.65

* Six of the index's 10 main groups fall

* Valeant declines 7.7 percent

* The materials group adds 1.6 percent


TORONTO, Jan 24 (Reuters) - Canada's main stock index edged lower on Wednesday, weighed by declines for Valeant Pharmaceuticals International Inc and Canadian National Railway Co , while gold mining stocks were boosted by higher gold prices.

* The largest decliner on the index was Valeant, down 7.7 percent, after Goldman Sachs gave the shares a "sell" rating. * CN Rail fell 1.0 percent to C$99.09 after reporting a lower-than-expected adjusted profit for the fourth quarter, hurt by the heavy expenses its has incurred to grow its business. * At 10:47 a.m. EST (1547 GMT), the Toronto Stock Exchange's S&P/TSX composite index fell 8.9 points, or 0.05 percent, to 16,348.65.

* The financial services sector, which accounts for more than one-third of the index's weight, fell 0.3 percent.

* Six of the index's 10 main groups lost ground.

* The materials group, which includes precious and base metals miners and fertilizer companies, added 1.6 percent.

* Gold prices reached their highest level in more than four months after a U.S. official welcomed a weaker dollar and investors sought insurance against uncertainty. * Spot gold rose 0.9 percent to 1,353.52 an ounce, while Yamana Gold Inc climbed 3.6 percent to C$4.59 and Barrick Gold Corp was up 2.4 percent at C$18.89.

* Marijuana producer CanniMed Therapeutics Inc jumped 16.9 percent to C$43.85 after Aurora Cannabis Inc , Canada's second-biggest producer, agreed to buy the company for C$1.1 billion. * The energy group rose 0.1 percent, helped by higher oil prices. U.S. crude futures rose 1.1 percent to $65.15 a barrel. (Reporting by Fergal Smith; Editing by Susan Thomas)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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