Toronto Stocks Snap Losing Skid, Led By Energy Sector -- Canadian Commentary

(RTTNews) - Canadian stocks edged higher Wednesday, but surging crude oil prices failed to give other stocks much of a lift.

The S&P/TSX Composite Index was up 42.80 points, or 0.32 percent, to 13,347.46.

Energy stocks advanced 2.9 percent, taking back recent losses, but weaker banks kept Toronto's main index near the unchanged line most of the day.

Nymex May oil futures ended 5.2 percent higher at $37.75 a barrel.

A surprising drawdown in US crude oil inventories also fueled the rally.

Valeant Pharmaceuticals International (VRX.TO) surged higher by another 18 percent, adding to big gains from the previous session.

The company announced yesterday that its review of Philidor and related accounting matters is complete and it has not identified any additional items that would require restatements.