Nokia Oyj (ADR) NOK shares are trading higher by $0.37 (5.7 percent) at $6.58 in Tuesday's session.

The catalyst for the rally is the announcement the company has mended the fences with Apple Inc. AAPL and the companies are now cooperating on new technologies for "digital health initiatives."

See Also: From Frenemies To Friends? Apple Is Now Working With Nokia To Explore Health Tech

In a tight trading range, Nokia's stock peaked one penny above its opening print at $6.65. The ensuing decline has only taken the stock to $6.54 and it has been trading in between those two levels.

That marks the highest level for the issue since January 29, 2016, when it peaked $7.22. Two days later it was at $6.34, when Bank Of America downgraded the stock from Buy to Neutral.