TSX Nudges Higher Despite Lower Oil Prices -- Canadian Commentary

(RTTNews) - Canadian stocks inched higher Tuesday after upbeat economic data and hopes that Canada can avoid punishing tariffs from the U.S.

The TSX Composite Index was up 11 points to 15,618.

In economic news, after a slight decline in January, real gross domestic product rose 0.4% in February, as 15 of 20 industrial sectors increased. The growth was led by a rebound in the mining and oil and gas extraction sector, Stats Canada said.

Gold futures tumbled Tuesday along with U.S. stocks ahead of tomorrow's interest rate decision. The Fed will likely signal that further rate hikes are imminent.

June WTI oil drops $1.32, or 1.9%, to settle at $67.25/bbl.

CIBC (CM.TO) is joining major rivals in raising home mortgage interest rates.

EnCana (ECA.TO) reported better-than-expected earnings.

TransCanada is reportedly hilding talks with investors after a ratings warning.

Ballard Power Systems (BLDP, BLDP.TO) announced Tuesday that it has received a purchase order from Van Hool NV, a bus OEM partner in Belgium, for 40 FCveloCity-HD fuel cell modules to power buses.

The U.S. will postpone tariffs on Canada, Mexico and and the EU until June 1.

The White House said "in all of these negotiations, the administration is focused on quotas that will restrain imports, prevent transshipment and protect the national security."

"The U.S. decision prolongs market uncertainty, which is already affecting business decisions," The European Commission responded. "The EU should be fully and permanently exempted from these measures, as they cannot be justified on the grounds of national security."