France goalkeeper Lloris, who joined Spurs on Friday, was given a rousing reception by the home fans when he walked on to the Stade Gerland pitch.
"I wanted to thank you for my four years here. There are always great fans supporting a great club and Lyon will always need you," Lloris told a packed crowd after striker Lisandro Lopez handed him a jersey saying 'Thanks Hugo' on the back.
Lyon have 10 points from four games, one ahead of second-placed Olympique Marseille, while Valenciennes are fifth on seven points.
Playmaker Younes Belhanda inspired Montpellier as they won 3-1 at bottom club Sochaux.
Belhanda, playing in his 100th Ligue 1 game, scored the opener from the penalty spot in the 16th minute after being fouled by centre back Yaya Banana.
Montpellier doubled their lead when striker Emanuel Herrera took advantage of confusion in the Sochaux defence to tap the ball home on 59 minutes before Remy Cabella sealed victory.
Sloan Privat was on target for the home team.
Montpellier are 12th on four points while Sochaux have yet to get off the mark.
At the Stade Gerland, centre back Gil headed Valenciennes in front from a corner on 12 minutes but seven-times French champions Lyon hit back six minutes later.
Forward Michel Bastos fired the ball into an empty net after goalkeeper Nicolas Penneteau blundered and Bafetimbi Gomis quickly made it 2-1 from the penalty spot.
Lyon almost extended their lead when Alexandre Lacazette was narrowly off target and Gomis also hit the post.
The hosts finally added a third goal in the 66th minute thanks to Clement Grenier's powerful shot from 25 metres.
Former Barcelona forward Ludovic Giuly shone as Lorient hammered Nancy 3-0 to move up to third on eight points.
Giuly grabbed the opening goal and proved a constant menace for the Nancy defence.
St Etienne won 3-0 at Bastia while Toulouse were held to a disappointing 1-1 home draw by promoted Stade Reims.
Marseille can reclaim top spot by beating Stade Rennes on Sunday while big-spending Paris St Germain will look for their first league win of the season at Lille.