TSX higher as Valeant bounces, China rate cut helps miners
TORONTO (Reuters) - Canada's main stock index rose on Friday as materials stocks cheered a Chinese interest rate cut that boosted prices for base metals, and shares of embattled Valeant Pharmaceuticals International Inc also bounced.
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 85.27 points, or 0.61 percent, to 13,963.38 by 10:21 a.m. ET.
The index was on track for a 1.5 percent gain on the week.
The most influential gainer was Valeant (VRX.TO: Quote), which rose 7.7 percent to C$155.14 after the company said it would refute allegations it had artificially inflated its revenue.
The stock has tumbled from above C$300 in recent weeks amid criticism of its drug price hikes and after a short-selling firm raised questions about its strategy and accounting practices.
Materials stocks got a boost as copper and nickel jumped to one-week highs and other base metals also gained after top metals consumer China cut rates to boost its slowing economy. [MET/L]
The group was up 0.9 percent, with First Quantum Minerals Ltd FM.TO adding 1.3 percent to C$7.58.
Of the index's 10 main groups, only energy was lower. The group lost 2.4 percent, as oil prices fell. [O/R] Continued...