Canadian Stocks Little Changed As Valeant Snaps Back -- Canadian Commentary

(RTTNews) - Canadian stocks were flat Friday, as drug maker Valeant rebounded as the drug maker rebounded from yesterday's big losses.

Upbeat economic news from the U.S. helped improved the mood on both sides of the border.

The benchmark S&P/TSX Composite Index edged up 9.13 points to 13,838.10.

Energy stocks were lower even after crude oil futures jumped back above $47 a barrel.

Mining shares lost 4 percent, trimming recent gains.

Health care stocks rose 2 percent.

Valeant (VRZ.TO) added 4.9 percent. Price hikes on its heart drugs have drawn sharp criticism and the company is now facing federal probe relating to its pricing decisions.

In other corporate news, Scotiabank (BNS, BNS.TO) acquired the Canadian MasterCard and private label credit card portfolio from JPMorgan Chase. BNS shares rose 0.7 percent.

Bombardier (BBD.B.TO) is said to hold talks on C Series order from JetBlue. Shares were lower 4.1 percent.

The University of Michigan released a report on Friday showing that US consumer sentiment has improved much more than anticipated in the month of October.

The University of Michigan said the preliminary reading on its consumer sentiment index for October came in at 92.1 compared to the final September reading of 87.2. Economists had expected the index to rise to 89.5.