(Adds details on energy sector, updates prices)
* TSX up 47.29 points, or 0.34 percent, to 13,940.78
* Four of TSX's 10 main groups were higher
* Three gainers for every two decliners
TORONTO, May 17 (Reuters) - Canada's main stock index gained
on Tuesday as the energy group rose on higher oil prices and
Valeant Pharmaceuticals International Inc (NYSE:VRX) VRX.TO surged after
it said it would make required securities filings to Canadian
regulators.
Laval, Quebec-based Valeant, which is under scrutiny over
its drug pricing, business practices and accounting, rose 4.5
percent to C$36.41 after saying it planned to make the filings
on or before June 10.
Canadian Natural Resources CNQ.TO added 0.8 percent to
C$38.03 and pipeline operator Enbridge Inc ENB.TO rose 1.6
percent to C$52.96.
Oil touched a six-month high on Tuesday as outages in
Nigeria and Canada lent support and despite a deal between
Libyan factions bringing the prospect of higher output a step
closer. O/R
U.S. crude CLc1 prices were up 0.6 percent to $48.02 a
barrel, while Brent crude LCOc1 added 0.3 percent to $49.11.
The TSX's energy group climbed 1.1 percent, although some
companies are facing renewed disruption to operations from a
massive wildfire around the Fort McMurray oil sands hub.
Suncor Energy Inc SU.TO advanced 0.5 percent to C$35.16,
after saying it had started a staged shutdown of its base plant
in the region.
Junior oil sands producer Connacher Oil and Gas Ltd CLC.TO
filed for protection from creditors at an Alberta court on
Monday, a victim of the two-year slump in global crude prices.
Its shares are trading at 14 Canadian cents.
At 10:26 a.m. EDT (1426 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was up 47.29 points, or 0.34
percent, at 13,940.78.
Only four of the 10 main sectors were higher on the day,
although advancers outnumbered decliners by three to two.
The materials group, which includes precious and base metals
miners and fertilizer companies, added 1.2 percent, with
Potash Corp POT.TO gaining 1.9 percent to C$21.12.
Shares of Bombardier Inc BBDb.TO , which is in talks with
Canada's government for financial backing, declined 2 percent to
C$1.92. A senior executive with Embraer SA told Reuters on
Monday that the Brazilian plane maker may challenge the state
funding received by its Canadian rival at the World Trade
Organization (WTO).