Canadian Stocks Slide Along With Oil Prices -- Canadian Commentary

(RTTNews) - Canadian stocks fell Tuesday, trimming recent gains as oil prices tumbled on dwindling hopes for a deal to curb oil supplies.

The S&P/TSX Composite Index fell 82.19 points, or 0.64 percent, to 12,763.44.

April WTI oil fell $1.52, or 4.6%, to settle at $31.87/bbl on Nymex, sending energy stocks lower.

OPEC secretary general Abdalla Salem El-Badri is blamed US and Canadian oil companies for the global supply glut.

"You can't invest in new production and then expect OPEC to cut production," he said at the annual CERA conference in Houston.

The Energy Index dropped 3.7 percent.

Banking stocks were also weaker as traders weighed earnings from two of the big six.

Gold shares rebounded as bullion prices rose due to increased safe haven appetite.

Health care stocks nudged higher. Valeant (VRX.TO) shares steadied after brutal losses in the previous session, picking up 5 percent.

The company confirmed reports that it will need to restate some results connected to sales to Philidor Rx Services. Valeant has also delayed the filing of its latest quarterly results.

National Bank of Canada (NA.TO) reported a 3% increase in profit for its first quarter compared to the same period last year. Shares were down 2 percent.

Bank of Montreal (BMO.TO) said its first-quarter profit rose 7% to $1.07 billion on higher revenues. Shares were down fractionally.

Hudson's Bay (HBC.TO) was up 1 percent, after its fourth quarter consolidated same store sales increased by 11 percent.