(Adds portfolio manager comment, details, updates prices)
* TSX ends down 103.04 points, or 0.75 percent, at 13,558.78
* Valeant hits 2-year low, Magna falls 10 percent
By Alastair Sharp
TORONTO, Nov 5 (Reuters) - A plunge in shares of drugmaker
Valeant and sharp retreats in several other companies on the
back of disappointing earnings reports pushed Canada's main
stock index lower on Thursday.
Valeant Pharmaceutical International Inc VRX.TO slumped
14.7 percent to C$103.37, touching its lowest level since
mid-2013, heaping new pressure on its CEO after weeks of steep
declines. urn:newsml:reuters.com:*:nL1N13026N
Auto maker Magna International Inc MG.TO fell 10.3 percent
to C$62.42 after reporting a drop in quarterly sales which the
auto parts maker blamed on a strong U.S. dollar.
Magna's valuation has risen steadily in recent years and the
sharp loss on a moderately disappointing quarter shows that
investors are nervous, said Elvis Picardo, a strategist at
Global Securities in Vancouver.
"It's an environment right now where investors are skittish
and they're not going to hesitate to take profits on stocks that
have moved higher," he said.
Telus, one of the country's biggest telecom companies, lost
4.1 percent to C$41.91 after reporting slower wireless growth
and planned job cuts.
The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE ended down 103.04 points, or 0.75 percent, at
13,558.78.
Shares of Ontario electric utility Hydro One Ltd H.TO rose
C$1.12 to C$21.57 on its trading debut.
The stock was priced at C$20.50 last week, at the high end
of a previously announced range.
Insurer Sun Life Financial Inc SLF.TO slipped 1.8 percent
to C$43.86. The company's CEO told Reuters it is scouting for
more acquisitions in North America and Asia.
The materials group retreated 1.8 percent as copper prices
CMCU3 hit their weakest level in a month. MET/L .
The energy index dipped 0.1 percent, holding the line
against a sharper oil price fall.
Canadian Natural Resources CNQ.TO jumped 5.5 percent to
C$33.71 after the country's largest independent petroleum
producer reduced its 2015 budget for the fifth time.
Shares in Agrium Inc AGU.TO gained 1.2 percent to
C$126.83 after the Canadian fertilizer and farm retail dealer
bucked on industry trend with a jump in quarterly profit.
($1 = 1.3165 Canadian dollars)
(Additional writing by Fergal Smith; Editing by Diane Craft)