Gold, Energy Shares Drag TSX Lower -- Canadian Commentary

(RTTNews) - The bargain hunting-induced rally in Canadian stocks petered out Friday, as mining and energy stocks came under renewed pressure.

Gold stocks were hammered as bullion prices stayed near 5-year lows on increased speculation the Federal Reserve will raise interest rates in December.

Energy stocks were hurt by falling crude oil prices. Crude oil for December delivery plunged below $40 late in the day.

Health care stocks outperformed on the day, as beleagured drug maker Valeant rose 8.3 percent.

Canadian Pacific Railway (CP.TO) could be willing to raise its $28-billion takeover bid for Virginia's Norfolk Southern Corp., the Globe and Mail reports. CP shares rose 0.9 percent.

Canada's consumer price index rose 1 per cent in October from a year ago, same as the September pace, Statistics Canada said Friday.