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TSX Stubborn But Falling -- Canadian Commentary

Canadian stocks edged lower for a fourth straight session Friday, although losses were again relatively small.

Despite a significant drop in the price of oil, the TSX Composite Index fell only 37 points to 16,075.

Stocks have fallen since an 11-day win streak was broken Tuesday.

Crude oil futures continued to tumble Friday amid widespread reports that OPEC will start pumping oil at a faster pace.

Meanwhile, the U.S. weekly active oil-rig count wasup 15 at 859, according to Baker Hughes.

With the spigots turning on everywhere, WTI light sweet oil was plunged $2.83, or 4%, to settle at $67.88/bbl. That's the lowest since May 1.

CP Rail (CP.TO) workers rejected an offer that might have averted a strike.

Northern Dynasty Minerals Ltd. plunged after a plan from First Quantum Minerals Ltd. to finance the its Pebble mining project in Alaska was scuttled.

Banks were steady after a trio of strong earnings reports from the banking sector, as TD Bank, RBC and CIBC all beat expectations.

Bell Media is cutting a number of jobs in Toronto after deciding not to renew Daily Planet and Innerspace.

Kinder Morgan's Trans Mountain pipeline may proceed after a BC court dismisses environmental certificate challenges.

by RTTNews Staff Writer

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