Oil Rally Pushes TSX Higher, Valeant Wins Upgrade -- Canadian Commentary

(RTTNews) - Canadian stocks nudged higher Monday, once again helped by rising oil prices.

Sept. WTI oil climbed $1.25, or 2.8%, to settle at $45.74/bbl amid signs that major producers are nearing a deal to curb output.

Russia and Saudi Arabia are said to be in talks to keep oil prices steady after recent volatility.

The S&P/TSX Composite Index was up 29.57 points, or 0.2 percent, to 14,777.02.

In corporate news, Valeant (VRX.TO) shares were upgraded at Mizuho Securities.

"Because there is now a lower likelihood of a stock collapse from another guidance miss," Mizuho's Irina Koffler said in a research note, "we think our short thesis has been debunked and are upgrading VRX to neutral with a $25 target."