Canada Stocks: TSX rebounds from five-week low as Wall Street rallies

Bausch Health Companies

17/05/2023 21:46

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      TSX ends up 0.3% at 20,296.43
    

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      Energy rises 1.4%; oil settles 2.8% higher
    

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      Financials advance 0.9%
    

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      Bausch Health jumps 24.1%
    

  
 (Adds strategist quote and details in paragraphs 1, 3, 4 and 8)
    By Fergal Smith
       May 17 (Reuters) - Canada's main stock index rose on
Wednesday as a Wall Street rally helped bolster energy and
financial shares, with the index rebounding from its lowest
intraday level in five weeks.
    The Toronto Stock Exchange's S&P/TSX composite index
 .GSPTSE  ended up 54.36 points, or 0.3%, at 20,296.43, after
touching its lowest since April 10 at 20,158.69.
    U.S. stock indexes posted stronger gains, helped by a bounce
in regional bank stocks and optimism about a potential
breakthrough in the deadlock in Washington over the nation's
debt limit.
    "It was definitely a good day for equities in the
(United)States and I think that spilled over into Canada," said
Colin Cieszynski, chief market strategist at SIA Wealth
Management.
    The Toronto market's energy sector rose 1.4% as oil  CLc1 
settled 2.8% higher at $72.83 a barrel, clawing back some recent
declines.
    Heavily weighted financials advanced 0.9% and healthcare was
up 4.9%.
    Healthcare was boosted by a 24.1% jump in Bausch Health
Companies Inc  BHC.TO  shares after a Delaware court ruling
helped guard the patent for the company's antibiotic drug for
traveler's diarrhea.
    Shares of BlackBerry Ltd  BB.TO  advanced 5.9% as the
company forecast sales jumping as much as 54% in 2026 from 2023
on the back of growth in its cybersecurity business.

 (Reporting by Fergal Smith in Toronto and Johann M Cherian and
Vansh Agarwal in Bengaluru; Editing by Pooja Desai, Marguerita
Choy and Richard Chang)
 ((fergal.smith@thomsonreuters.com; +1 647 480 7446;))