October 23, 2015 / 2:31 PM / in 2 years

CANADA STOCKS-TSX higher as Valeant bounces, China rate cut helps miners

* TSX up 85.27 points, or 0.61 percent, to 13,963.38

* Nine of the TSX’s 10 main groups rise; energy falls

TORONTO, Oct 23 (Reuters) - Canada’s main stock index rose on Friday as materials stocks cheered a Chinese interest rate cut that boosted prices for base metals, and shares of embattled Valeant Pharmaceuticals International Inc also bounced.

The Toronto Stock Exchange’s S&P/TSX composite index was up 85.27 points, or 0.61 percent, to 13,963.38 by 10:21 a.m. ET (1421 GMT).

The index was on track for a 1.5 percent gain on the week.

The most influential gainer was Valeant, which rose 7.7 percent to C$155.14 after the company said it would refute allegations it had artificially inflated its revenue.

The stock has tumbled from above C$300 in recent weeks amid criticism of its drug price hikes and after a short-selling firm raised questions about its strategy and accounting practices.

The heavyweight financial sector climbed 2.4 percent, with Royal Bank of Canada up 1.1 percent to C$75.20 and Manulife Financial Corp advanced 1.6 percent to C$22.43.

Materials stocks got a boost as copper and nickel jumped to one-week highs and other base metals also gained after top metals consumer China cut rates to boost its slowing economy.

The group was up 0.9 percent, with First Quantum Minerals Ltd adding 1.3 percent to C$7.58.

Of the index’s 10 main groups, only energy was lower. The group lost 2.4 percent, as oil prices fell.

U.S. crude prices were down 2.3 percent to $44.33 a barrel, while Brent crude lost 1.1 percent to $47.54.

Among the heaviest weights was Suncor, which fell 1.3 percent to C$37.62, and Canadian Natural Resources, off 1.5 percent to C$30.70.

Advancing issues outnumbered declining ones on the TSX by 144 to 88, for a 1.64-to-1 ratio on the upside. (Reporting by Alastair Sharp; Editing by James Dalgleish)

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