Energy Stocks Help TSX Higher, Valeant Plunges Anew -- Canadian Commentary

(RTTNews) - Canadian stocks managed only modest gains Thursday, even as crude oil prices surged on hopes of a deal between OPEC nations to curb oil supplies.

The S&P/TSX Composite Index was up 21.01 points to 14,796.06, staying near recent yearly highs.

Sept. WTI oil was up $1.78, or 4.3%, to settle at $43.49/bbl -- the highest since July 22.

The IEA said oil markets are re-balancing, but also slashed their demand outlook for 2017.

Meanwhile, OPEC slightly lifted its 2016 projections for world oil demand growth to 1.22 million barrels a day (mb/d).

Energy stocks rose 1.3 percent

On the other hand, Valeant (VRX.TO) plunged 11 percent on a Wall Street Journal report indicating the drug maker is under criminal investigation for price scheming.