Valeant Skyrockets, Driving TSX To Yearly Highs -- Canadian Commentary

(RTTNews) - The summertime rally in Canadian stocks continued Tuesday despite lower oil prices and concerns about the global economy.

The S&P/TSX Composite Index hit a new yearly high, rising 45.61 points, or 0.31 percent, to 14,801.23.

Struggling drug maker Valeant (VRX.TO) jumped 25 percent. Quarterly profits fell short of expectations, but shares surged on hopes for asset sales and a turnaround under new management.

Chief Executive Joseph Papa: "We are also announcing a new strategic direction for Valeant today, which, at its heart has a mission to improve patients' lives, and will involve reorganizing our company and reporting segments."

Nymex Sept. oil ended 0.6 percent lower at $42.77 a barrel.

The Energy Information Administration said it sees U.S. gasoline prices holding below $2 a gallon on average from October through February.