* 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 (N:VRX) also bounced.
The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE 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 VRX.TO , which rose
7.7 percent to C$155.14 after the company said it would refute
allegations it had artificially inflated its revenue.
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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 RY.TO up 1.1 percent to C$75.20 and
Manulife Financial Corp MFC.TO 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.
MET/L
The group was up 0.9 percent, with First Quantum Minerals
Ltd FM.TO 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. O/R
U.S. crude CLc1 prices were down 2.3 percent to $44.33 a
barrel, while Brent crude LCOc1 lost 1.1 percent to $47.54.
Among the heaviest weights was Suncor SU.TO , which fell
1.3 percent to C$37.62, and Canadian Natural Resources CNQ.TO ,
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.