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TSX Edges Higher, Led By Industrials -- Canadian Commentary

Canadian stocks nudged higher Thursday, trimming weekly losses despite continued weakness in the energy sector.

Banks, industrials and tech stocks all managed gains. The TSX Composite Index was up 72.69 points to 15,625.56.

Crude oil futures fell for a fourth straight session Thursday, but held above the psychologically important $50 mark.

May WTI oil fell 17 cents, or 0.3%, to settle at $50.27/bbl on its expiration day. Soaring U.S. production continued to offset OPEC's supply quota plan.

BP is mulling the sale of its 50 percent stake in the Sunrise oil sands project near Fort McMurray in Alberta, Reuters said.

WestJet Airline Ltd. (WJA.TO) said it plans to launch a new ultra-low-cost carrier in Canada by the end of 2017 to cater to price-sensitive consumers. The plan is subject to agreement with the airline's pilots and regulatory approvals. Shares rose 1 percent.

Celestica Inc. (CLS) announced earnings for its first quarter that gained 12% compared to the same period last year. Shares slipped 1.1 percent.

Goldcorp Inc. (G.TO, GG) has formally commenced an offer to acquire Exeter Resource Corp. (XRC.TO, XRA), supported by the board of directors of Exeter. Shares were up fractionally.

Supremex Inc. (SXP.TO) named Bertrand Jolicoeur CFO.

Canadian Pacific (CP.TO) rallied after the railroad reported higher-than-expected quarterly profit Wednesday.

by RTT Staff Writer

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