CANADA STOCKS-TSX climbs as U.S. jobs data, Valeant support

 (Adds details, comments from strategist; updates prices) 
    * TSX rises 17.70 points, or 0.13 percent, to 13,614.63 
    * Six of 10 main index sectors advance 
    * Valeant jumps 2.7 percent, up for second day 
    * CN Rail slips 1.6 percent after train derails 
 
    By John Tilak 
    TORONTO, Jan 8 (Reuters) - Canada's main stock index 
advanced on Wednesday as shares of Valeant Pharmaceuticals 
International Inc    jumped and positive U.S. jobs data 
fueled gains in several major sectors. 
    The gains were offset a little by a decline in shares of 
Canadian National Railway Co    after a CN train carrying 
crude oil and propane derailed and caught fire in New Brunswick 
on Tuesday night, according to federal safety officials. 
   
    Investors digested a bullish U.S. private jobs report, ahead 
of nonfarm payrolls data set for release on Friday. 
    Figures from payrolls processor ADP on Wednesday showed U.S. 
private employers added a more jobs than expected in December, 
posting the strongest increase in 13 months.    
    "Those numbers continue to be in the sweet spot, and that's 
exactly what investors need to keep the rally going," said Elvis 
Picardo, strategist and vice president of research at Global 
Securities in Vancouver.  
    But investors don't want too robust a report on Friday, he 
added. "If those numbers blow past estimates, that's going to 
cause real concern about how quickly the Fed will taper." 
    The U.S. Federal Reserve's path to unwind its monetary 
stimulus program has stayed on top of investors' radar screens, 
and on Wednesday minutes from a recent policy meeting showed Fed 
officials looking to approach the process very cautiously. 
   
    The Toronto Stock Exchange's benchmark index traded in 
positive territory for a second straight day after declining in 
the first three sessions of 2014. The market recorded a 9.6 
percent gain in 2013. 
    "The expectation is that the global economy will gradually 
pick up over the course of the year, and that is a positive for 
the TSX," Picardo said. 
    The Toronto Stock Exchange's S&P/TSX composite index 
   closed up 17.70 points, or 0.13 percent, at 13,614.63. 
Six of the 10 main sectors on the index were higher. 
    Valeant advanced for a second straight day, rising 2.7 
percent, after the drugmaker said on Tuesday it plans to become 
one of the world's top five pharmaceutical companies by market 
capitalization by the end of 2016 and also released a bullish 
forecast for 2014.    
    Valeant's jump, to C$138.64, helped push the healthcare 
sector up 1.5 percent. 
    Financials advanced 0.3 percent, with Manulife Financial 
Corp    climbing 2.4 percent to C$21.35 and Sun Life 
Financial Inc    adding 2 percent to C$37.35. 
    But gold-mining shares dropped 1 percent, pulled lower by a 
declining bullion price. Barrick Gold Corp    was down 1.5 
percent at C$19.37, and Goldcorp Inc    gave back 1 percent 
to C$23.87. 
    CN Rail slipped 1.6 percent to C$58.63. 
    ($1=$1.08 Canadian) 
 
 (Editing by Peter Galloway and Jonathan Oatis) 
 ((john.tilak@thomsonreuters.com)(1-416-687-7918)(Reuters 
Messaging: john.tilak.reuters.com@reuters.net)) 
  
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