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TSX Creeps Higher In Tepid Recovery -- Canadian Commentary

Canadian stocks rose Tuesday, trimming yesterday's significant losses as U.S. markets rebounded from an historic drubbing.

A day after the worst-ever single point drop in the history of the DJIA, stocks rallied in afternoon trading.

The TSX Composite Index was up 29.12 points to 15,363.93, a modest improvement from multi-month lows.

Lower oil prices put a lid on today's gains in Canada. March WTI crude was down 30 cents, or 0.5%, at $63.85 a barrel.

The EIA forecast U.S. crude production at an average 10.59 million barrels per day in 2018 and 2019 output at 11.18 million barrels a day, up 3.1% from previous proejections.

WTI crude will average $58.28 a barrel this year, the EIA said, up from last month's estimate of $55.33, and $57.51 in 2019.

Lululemon Athletica Inc. (LULU) CEO Laurent Potdevin has resigned after falling short of "standards of conduct." Shares rebounded along with the broader market after early losses.

The Vancouver, British Columbia-based company said it "expects all employees to exemplify the highest levels of integrity and respect for one another, and Mr. Potdevin fell short of these standards of conduct."

WestJet (WJA.TO) reported revenues rose 10 percent in the fourth quarter. Earnings were in line with estimates.

Nutrien Ltd (NTR.TO), the recent combination of fertilizer makers Agrium Inc and Potash Corp of Saskatchewan, said it expected full-year 2018 EBITDA of US$3.2 billion to US$3.7 billion.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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