(Updates throughout with market reaction, details)
* TSX up 53.75 points, or 0.41 percent, to 13,058.33
* Eight of the TSX’s 10 main groups gain
By Solarina Ho
TORONTO, Sept 29 (Reuters) - Canada’s main stock index rose on Tuesday in choppy trading, as Valeant Pharmaceuticals International and energy stocks helped lead the market back into positive territory after an earlier reversal.
Index heavyweight Valeant gyrated broadly after taking a more than 16 percent hit in the previous session following accusations of “massive” price increases by Democratic lawmakers. Shares rose 0.5 percent to C$222.81 in late morning trading.
At 11:08 a.m. EDT (1508 GMT), the Toronto Stock Exchange’s S&P/TSX composite index rose 53.75 points, or 0.41 percent, to 13,058.33.
Of the index’s 10 main groups, eight were in positive territory.
Energy stocks, bolstered by higher crude prices, climbed 1.0 percent. Canadian Natural Resources rose 2.1 percent to C$26, while Suncor Energy Inc advanced 0.8 percent to C$34.89. Enbridge Inc tempered some of the oil and gas gains, with a 1.1 percent loss to C$49.43.
Tighter supplies in the U.S. market helped offset concerns about demand in Asia and pushed U.S. crude prices up 2.1 percent to $45.38 a barrel. Brent crude also added 2.1 percent to $48.34.
The materials sector, home to mining and other resource companies, also aided the advance, rising 1.4 percent.
The consumer staples group was among the decliners, slipping 0.3 percent, hurt in part by a 1.2 percent slide to C$60.40 by convenience store operator Alimentation Couche-Tard.
Advancing issues outnumbered declining ones on the TSX by 138 to 98, for a 1.41-to-1 ratio on the upside.
The index was posting no new 52-week highs and 12 new lows.
Reporting by Solarina Ho; Editing by Meredith Mazzilli