(Adds investor comment, details, updates prices to close)
* TSX ends up 73.86 points, or 0.55 percent, at 13,473.83
* Seven of the TSX's 10 main groups higher
By Alastair Sharp
TORONTO, Nov 19 (Reuters) - Canada's main stock index rose
on Thursday, with higher bullion prices boosting gold miners and
confidence that the U.S. Federal Reserve will raise interest
rates helping financial stocks, while Valeant Pharmaceuticals (N:VRX)
International Inc VRX.TO surged.
The energy sector fell 1.5 percent, notching outsized losses
relative to a slight pullback in crude oil prices. O/R
"I think the energy sector will continue to be weak," said
John Stephenson, president and CEO at Stephenson & Company
Capital Management, citing tough fundamentals that have dogged
the commodity.
Valeant rallied 15.3 percent to C$111.79, its biggest
one-day gain since early 2011. Still, the stock remains far
below its price of C$300 in September as the company faces sharp
scrutiny of its business practices.
The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE ended up 73.86 points, or 0.55 percent, at 13,473.83.
Seven of its 10 main groups gained.
The materials group rallied 1.2 percent, helped by a firming
gold price. Barrick Gold Corp ABX.TO rose 4.3 percent to
C$10.04, and Goldcorp Inc G.TO was up 2.2 percent at C$16.18.
Gold futures GCc1 rose 0.9 percent to $1,080.5 an ounce,
and copper prices CMCU3 advanced 0.4 percent to $4,630.35 a
tonne. GOL/ MET/L
U.S. crude CLc1 prices settled down 0.5 percent at $40.54
a barrel, while Brent LCOc1 added 0.3 percent to $44.25. O/R
Suncor Energy Inc SU.TO slipped 1 percent to C$37.11 and
Cenovus Energy Inc CVE.TO lost 2.9 percent to C$20.07.
The heavyweight financials group gained 0.7 percent, with
Royal Bank of Canada RY.TO up 0.9 percent to C$76.16 and
Manulife Financial Corp MFC.TO added 1.1 percent to C$22.17.
Stephenson said banks and insurers were benefiting from Fed
minutes released on Wednesday that investors took as further
evidence the central bank will raise rates in December, and that
the broader index should also gain into the decision.
"I'm optimistic that we can grind higher. I don't think we
can sail higher, but we can grind higher," he said. "I think the
reason we will is because as long as the market still thinks the
Fed will raise rates that's a very positive signal for markets."
Canadian Pacific Railway Ltd CP.TO gained 1.2 percent to
197.19, adding to a sharp rally on Wednesday, when it said its
proposed $28.4 billion acquisition of U.S. railroad operator
Norfolk Southern Corp (N:NSC) NSC.N would help the combined company to
save at least $1.8 billion annually. urn:newsml:reuters.com:*:nL3N13D58M