After two days of strong selling, a bounce back was anticipated for Tuesday although, as explained last night, the outlook was not for a large rebound but just a small move back up.
That is what happened as the TSX Composite Index ended the day higher by just 0.24%.
TSX Composite Index Rises 37.33 Points
On Tuesday Jan 11 2017 the TSX moved to an intraday high just below 15,46 but pulled back and by the close it was up 37.33 points to close at 15,426.28 near the intraday low of 15,422.69.
Financials and materials groups rose on Tuesday. Troubled drug maker Valeant Pharmaceuticals International Stock rose 7.54% to close at $21.82, but still a long way below its 52 week high of $142.35. The rise came amid a sale of $2 billion worth of assets to pay down debt. The biggest shareholder, investor Bill Ackman, continues to hold shares although he did reduce his holding in late fall 2016, after it became the most disastrous investment in Perishing Square for 2016. He is not alone, with famed John Paulson’s hedge fund also holding Valeant stock. The stock is down about 90% from its 2015 peak. Paulson is well-known for betting against the subprime mortgages debacle.
Here is the Canadian Stock Market outlook for Wednesday Jan 11 2017. The outlook includes the latest update to the TSX Market Direction Portfolio.
The rest of the Canadian Stock Market Outlook for tomorrow is for FullyInformed Members.
TSX Composite Index – Canadian Stock Market Outlook for Jan 11 2017
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