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Canadian stock market slips ahead of U.S. election (3)


09:28, November 06, 2012

Other influential losers on the main index include Valeant Pharmaceuticals International, Canada's biggest public drugmaker. The company reported a drop in quarterly net profit Friday, hurt by costs associated with its long string of acquisitions. Its shares were down 2.1 percent to 55.03 Canadian dollars apiece Monday.

Shares of Canadian mining company Turquoise Hill Resources Ltd shot up more than nine percent after the company announced the signing of an important power purchase agreement for its Oyu Tolgoi copper-gold mine in Mongolia.

On the economic slate, Statistics Canada reported that the value of building permits in October fell 13.2 percent to 6.5 billion Canadian dollars in September, following a 9.5 percent advance in August.

In currency, the Canadian dollar fell to trade at 1.0037 U.S. dollars at 5 p.m. local time (2200 GMT) on Monday, compared to 1. 0038 U.S. dollar Friday.

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