December 15, 2015 / 3:42 PM / 2 years ago

CANADA STOCKS-TSX bounces off low as Valeant surges, energy stocks rise

(Adds details, updates price action)

* TSX up 190.6 points, or 1.5 percent, to 12,886.09

* Nine of the TSX’s 10 main groups move higher

TORONTO, Dec 15 (Reuters) - Canada’s main stock index jumped on Tuesday, a day after hitting a more than two-year low, as shares in energy companies rebounded along with crude prices and heavyweight bank stocks also gained.

But the most influential mover on the index was Valeant Pharmaceuticals International Inc, which surged 16.1 percent to C$150.02 after the company, which has been accused of price gouging, said it would sell its skin and eye products at a discount in more than 8,000 Walgreens Boots Alliance Inc’s pharmacies in the United States.

The energy group climbed 1.9 percent as oil prices edged higher off multi-year lows. Canadian Natural Resources advanced 3.0 percent to C$29.67 and Suncor Energy Inc rose 1.2 percent to C$34.98.

The heavyweight financial group climbed 1.3 percent, with Royal Bank of Canada advancing 1.4 percent to C$73.45 and Toronto-Dominion Bank rising 1.3 percent to C$53.96.

At 10:30 a.m. EST (1530 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 190.6 points, or 1.5 percent, to 12,886.09.

Advancing issues outnumbered decliners more than 5 to 1.

Nine of the index’s 10 main groups were in positive territory, with the materials group barely lower as gold prices slipped and copper fell.

Hudson’s Bay Co advanced 1.8 percent to C$17.03 after the Wall Street Journal reported it was close to buying online retailer Gilt Groupe.

U.S. crude prices were up 1.3 percent to $36.79 a barrel, while Brent crude added 1.4 percent to $38.44.

Investors are awaiting Wednesday’s conclusion of a Federal Reserve policy meeting at which the U.S. central bank is widely expected to raise interest rates for the first time in nearly a decade.

Canadian manufacturing sales dropped by an unexpectedly large 1.1 percent in October, marking a third consecutive monthly fall, on broad-based weakness, data from Statistics Canada showed on Tuesday. (Reporting by Alastair Sharp; Editing by James Dalgleish)

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