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Stockhouse @ the Bell: Gold stocks push TSX up, Allergan (AGN) rejects latest Valeant (T.VRX) offer

Canadian Press, The Canadian Press
0 Comments| June 10, 2014

TORONTO _ Rising gold stocks helped boost the Toronto stock market.

The S&P/TSX composite index closed up 33.17 points at 14,904.38. The Canadian dollar gained 0.03 of a cent to 91.71 cents US.

With nothing in the way of major economic or earnings news for investors to latch onto, the TSX took its guidance from strengthened gold stocks as August bullion ended the day up by $6.20 at US$1,260.10 an ounce. The July crude contract on the New York Mercantile Exchange fell six cents to US$104.35 a barrel and July copper gained a penny to US$3.05 a pound.

Meanwhile, in corporate news, Allergan Inc. (NYSE: AGNStock Forum) rejected Valeant Pharmaceuticals International Inc. (TSX: T.VRXStock Forum) latest takeover, saying it undervalues the California-based company and creates significant risks and uncertainties for its shareholders. Earlier this month, with the backing of activist shareholder Bill Ackman, Valeant raised its stock-and-cash bid to about US$175 per share, valuing Allergan at more than US$52.4 billion.

Valeant shares faded $1.25, or nearly one per cent, to C$136.78 on the Toronto Stock Exchange.

Wall Street was flat, with the Dow Jones industrials up 2.82 points at 16,945.92 and the Nasdaq 1.76 points higher at 4,338, while the S&P 500 index dipped 0.48 of a point to 1,950.79.

For news about small stocks that made big moves in Tuesday’s trading, please read the
Stockhouse Canadian Small and Micro-cap Stock Report


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