WatchTSX rises as Valeant Pharmaceuticals International Inc shares surge on CEO board

TORONTO — The Toronto stock market closed with a modest gain, as Canadian pharmacare giant Valeant Pharmaceuticals announced its CEO is leaving the company.The S&P/TSX composite index climbed 64.02 points to 13,561.09, with the health-care and utilities sectors the biggest gainers.Shares in Valeant (TSX:VRX) rose after the embattled drug company disclosed a shakeup to its corporate structure, which included the upcoming departure of chief executive Michael Pearson and the appointment of activist investor Bill Ackman to its board of directors. Its stock gained more than eight per cent, or $2.97, to $37.90.Valeant looks for new CEO, names activist Bill Ackman to board in major shakeupChina-based Geo-Jade Petroleum Corp offers $575 million cash to take over Bankers Petroleum LtdThe Canadian dollar shed 0.28 of a U.S. cent to 76.42 cents US.In New York, markets were also up modestly amid some major corporate deal making and a disappointing report on housing sales. The Dow Jones industrial average rose 21.57 points to 17,623.87, while the broader S&P 500 added 2.02 points to 2,051.60 and the Nasdaq rose 13.22 points to 4,808.87.In commodities, the May contract for benchmark North American crude oil rose 38 cents to US$41.52 a barrel, while April natural gas contract plunged eight cents to US$1.83 per mmBtu. April gold lost $10.10 to US$1,244.20 a troy ounce and May copper contract added a penny to US$2.29 a pound.

Leave a Reply

Your email address will not be published. Required fields are marked *