(Adds portfolio manager comment, details, new price action) By Alastair Sharp TORONTO, April 22 (Reuters) - Canada's main stock index rose on Tuesday, helped by a surge in Valeant Pharmaceuticals International Inc after it agreed to buy Botox maker Allergan Inc and an upbeat outlook from Canadian Pacific Railway Ltd. Shares in Canada's second largest railway jumped 5.4 percent to C$172.83 after it reported strong first-quarter profit and said it could still meet its full-year targets despite one of the harshest winters in decades. Valeant gained 5.3 percent to C$146.06 as investors cheered its latest acquisition plan, a partnership with activist investor Bill Ackman that could make Valeant a top five global pharmaceutical company. "Valeant is a growth story. There is a big chunk of the market that likes growth," said Michael Simpson, a senior portfolio manager at Sentry Select Capital Corp. "They like the fact that they're possibly teaming up with an activist investor who's got a decent track record, Bill Ackman, in their potential acquisition of Allergan." Rogers Communications Inc slipped 3.1 percent to C$42.84, meanwhile, after Canada's largest wireless provider reported a slip in profit and disappointing mobile subscriber adds. "Maybe the expectations on a new CEO coming in and dazzling analysts with some new area of growth were too high, but as it declines I would see it as a buying opportunity," Sentry's Simpson said. By mid-morning the Toronto Stock Exchange's S&P/TSX composite index was up 26.78 points, or 0.18 percent, at 14,520.46. That notched it to a fresh six-year high. (Reporting by Alastair Sharp; Editing by Chizu Nomiyama and Tom Brown)
Our Standards: The Thomson Reuters Trust Principles.