Canada's main stock index slipped on Monday as shares of energy companies were pulled lower by weakness in oil prices, offsetting a surge in Valeant Pharmaceuticals International Inc after the drugmaker announced a major acquisition. Another drag on the market was a drop in shares of Canadian banks ahead of their earnings reporting season. Concerns about the impact of lower oil prices and worries about a slowing Canadian economy have contributed to the negative sentiment.
Valeant shares shot up 14.6 percent, a day after the company agreed to acquire gastrointestinal drugmaker Salix Pharmaceuticals Ltd in an all-cash deal valued at about $10.1 billion. The Toronto Stock Exchange's S&P/TSX composite index was down 17.19 points, or 0.11 percent, at 15,155.05. Seven of the 10 main sectors on the index were in the red. Financials, the index's most heavily weighted sector, fell 1.2 percent.