CANADA STOCKS-TSX rises in broad but shallow rebound, Valeant falls

(Adds details on stocks and sectors, updates prices)

* TSX up 34.74 points, or 0.24 percent, to 14,809.78

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

TORONTO, Aug 11 (Reuters) - Canada’s main stock index rose on Thursday in a broad but shallow bounce as steadying oil prices helped energy stocks, while drug maker Valeant Pharmaceuticals International Inc slumped on a report it is the target of a criminal probe.

The energy group rose 0.8 percent, leading gains after the index broke a five-day win streak on Wednesday to slip from a 13-month high.

Oil prices picked up after the International Energy Agency, which advises large developed countries on energy policy, predicted supply should tighten in the coming months after several years of overproduction.

Canadian Natural Resources Ltd added 0.8 percent to C$41.16, pipeline operator Enbridge Inc advanced 0.6 percent to C$54.19, and Cenovus Energy Inc rose 1.3 percent to C$18.99

The most influential drag on the index was Valeant, which fell 8.1 percent to C$32.85. The Wall Street Journal reported the drugmaker is the subject of a criminal probe over whether it hid from insurers its relationship with a specialty pharmacy.

Valeant stock surged 25 percent earlier this week after it unveiled a plan to raise billions from asset sales.

At 10:06 a.m. EDT (1406 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 34.74 points, or 0.24 percent, to 14,809.78.

Eight of its 10 main sectors gained, with healthcare and utilities weighing. Advancers outnumbered decliners by almost 2-to-1.

The materials group, which includes precious and base metals miners and fertilizer companies, added 0.7 percent.

The heavyweight financials group was flat, torn between gains for its biggest banks and losses among insurers and some real estate investment trusts.

Industrials rose 0.6 percent, with Canadian National Railway Co up 1 percent to C$82.72.

Canadian new housing prices edged up in June, adding to the previous month’s robust acceleration as hot markets Toronto and Vancouver saw costs increase again, data from Statistics Canada showed on Thursday. (Reporting by Alastair Sharp; Editing by Jeffrey Benkoe)