* TSX up 99.07 points, or 0.72 pct, at 13,803.26
* Nine out of the TSX's 10 main groups were higher
OTTAWA, Oct 22 (Reuters) - Canada's main stock index rose on
Thursday as a rebound in the price of oil lifted energy shares,
but gains were limited as Valeant racked up heavy losses for the
second day in a row after allegations the company was inflating
its revenue.
Investors were also weighing the start of earnings reporting
season with results from companies including Teck Resources
TCKb.TO and Rogers Communications RCIb.TO .
Valeant Pharmaceuticals (N:VRX) International VRX.TO was the
biggest drag on the Toronto index, losing 13.9 percent to
C$132.72, making for a loss of about 30 percent over two
sessions. An influential short-seller on Wednesday accused the
company of using specialty pharmacies to inflate its revenue,
which the drugmaker denied.
But the energy sector helped keep Bay Street stocks in
positive territory, rising 1.6 percent as the price of oil
recovered as investors re-thought data that showed falling
stockpiles of fuel products.
Financial stocks also buoyed the market, rising 1.2 percent.
The energy and financial sectors are the two biggest influences
on the index.
"The energy stocks are bouncing from yesterday and the bank
stocks seem to be catching a bid here the last few days," said
Paul Hand, managing director at RBC Capital Markets.
"I would say volumes have been remarkably light the last
several days so I'm not sure there's a lot of conviction as we
start into earnings season," he added.
In mid-morning trading, the Toronto Stock Exchange's S&P/TSX
composite index .GSPTSE was up 99.07 points, or 0.72 percent,
at 13,803.26.
Teck Resources TCKb.TO advanced 4.3 percent to C$8.72.
Excluding a non-cash writedown, the company reported earnings
that were better than expected.
Shares of Rogers Communications RCIb.TO rose to their
highest level since April 2013 after the company reported a
surprise jump in third-quarter profit. Rogers was up 3.1 percent
at C$51.20.