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

Tue Dec 15, 2015 10:39am EST
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(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.   Continued...