TSX Hits New Record Intraday Peak -- Canadian Commentary

(RTTNews) - Canadian stocks edged higher Tuesday, grinding to a new record intraday high thanks to another strong performance from drugmaker Valeant and modest gains for banks.

A rally in crude oil prices fizzled, however, dragging energy stocks a bit lower.

The TSX Composite settled higher by 10 points at 16,114.03.

Crude oil slipped near $57 a barrel after the Energy Information Administration said it expects U.S. crude production to rise by an average of 800,000 barrels a day next year.

The EIA now anticipates U.S. oil prices could average $57 a barrel in 2018, about $2 per barrel higher than its previous forecast.

Supply interruptions from the North Sea helped Brent crude oil to its highest in 2 years in London.

Bombardier Transportation (BBD.B.TO) has signed a $724 million deal to supply 333 new rail cars, along with a contract for maintenance work, with a U.K. rail company. Shares fell 0.6 percent.

West Face Capital Inc. has formally filed a lawsuit against Home Capital Group Inc. (HCG.TO) and three former executives, seeking $70 million in damages. Home Capital lost 2 percent.

MTY Group (MTY.TO) will buy Imvescor Restaurant Group (IRG.TO). MTY Group's restaurants include Tiki-Ming, TCBY, Country Style and Big Smoke Burger. Imvescor owns Pizza Delight and Bâton Rouge. MTY shares dropped 5 percent.

Canadian Natural Resources Ltd. (CNQ.TO) is promoting company veteran Tim McKay to replace Steve. Shares eased fractionally.