Valeant Pharmaceuticals and Energy Sector Boost TSX

July 6
7:29 AM 2013

The Toronto Stock Exchange's S&P/TSX composite index, Canada's main stock index, hit 12,217.36 before closing at 12,178.38. Most of its main sectors advance; however, BlackBerry and gold producers declined.

BlackBerry dipped to Can$10.22, representing a decrease of 7.8%. This continuing decline was the result a disappointing quarterly report that the company released on Friday. Ratings and price target cuts then followed.

In addition, Barrick Gold Corp. dropped to Can$15.32, representing 7.7%. This was reflective of the slow construction of the South American Pascua-Lama gold project, which was already delayed.

At the other end of the spectrum, one of the major booster of the stock index was Valeant Pharmaceuticals. The drugmaker rose 4.8% after a raise in the price target of the stocks by RBC. The company significantly helped the healthcare sector achieve a 2.1% gain.

However, the biggest positive influence was made by the energy sector. This reflected the end of supply dilemma in the Middle East and Africa, which boosted oil prices.

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