Canada Stocks Halt 5-Day Rally as Drugmaker Valeant Slumps
- Valeant sinks most in seven weeks as CEO takes medical leave
- Canadian markets re-open after the Boxing Day holiday
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Canadian stocks fell, snapping a five-day rally as the market re-opened following the Christmas holiday, as Valeant Pharmaceuticals International Inc. slumped after the embattled drugmaker’s chief executive took a medical leave of absence.
Valeant, briefly the largest company in Canada by market capitalization this year, sank 11 percent for the biggest decline in seven weeks. Chief Executive Officer Michael Pearson, who was hospitalized with a severe case of pneumonia last week, will be replaced by a team of executives while he recovers from his illness, the company said Monday.