(Adds portfolio manager comment, details, updates prices to
close)
* TSX ends up 75.55 points, or 0.54 percent, at 13,953.66
* Seven of the TSX's 10 main groups rise; energy falls
By Alastair Sharp
TORONTO, Oct 23 (Reuters) - Canada's main stock index rose
on Friday, helping it post a 1.4 percent gain on the week, as
shares of embattled Valeant Pharmaceuticals International Inc (N:VRX)
bounced and a range of financial and materials stocks also
gained.
Valeant VRX.TO closed 6 percent higher at C$152.69 after
the company said it would refute allegations it had artificially
inflated its revenue on Monday.
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 Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE ended the day up 75.55 points, or 0.54 percent, at
13,953.66. Seven of its 10 main groups finished higher.
Monetary easing in China and positive U.S. tech sector
earnings both helped sentiment, said Bryden Teich, associate
portfolio manager at Avenue Investment Management.
"There's still room for things to move higher," he said.
"Some of the negativity from the summer is passing and the world
is not ending."
The materials sector gained 4.4 percent after top metals
consumer China cut rates to boost its slowing economy.
Fertilizer company Potash Corp POT.TO gained 2.3 percent to
C$28.83.
The heavyweight financial sector climbed 1.8 percent, with
Manulife Financial Corp MFC.TO up 1.7 percent to C$22.44 and
Royal Bank of Canada RY.TO adding 0.6 percent to C$74.85.
The energy group lost 1.9 percent, as oil prices fell.
U.S. crude CLc1 prices settled down 1.7 percent at $44.60
a barrel, while Brent crude LCOc1 lost 0.2 percent to $47.97.
Among the heaviest weights was Suncor Energy Inc SU.TO ,
which fell 1.6 percent to C$37.50.