Summertime Rally Continues, TSX At 11-Month Highs -- Canadian Commentary

(RTTNews) - Canadian stocks continued to rise Friday, adding to weekly gains to reach a fresh 11-month high.

Energy stocks rose despite falling oil prices, as traders bet Canadian firms are ramping up production fast enough to take advantage of $45 oil.

The S&P/TSX Composite Index was up 34.83 points, or 0.24 percent, to 14,600.66 -- its highest since last August.

Gauges of most sectors were positive, but weakness emerged among metals and health care stocks.

Valeant (VRX.TO) was hammered after the US FDA rejected an approval for its experimental eye drug. Shares fell 6.5 percent.

The Saskatchewan government says oil from a Husky Energy (HSE.TO) pipeline has spilled into the North Saskatchewan River.

Husky said it swung to a net loss of C$196 million ($150 million) last quarter. Shares were up 3.2 percent.

Suncor Energy (SU.TO) has for the first time set a specific goal for greenhouse gas reductions by 2030, the company announced. Shares were flat.