Stocks Turn In Sluggish Performance -- Canadian Commentary

(RTTNews) - Canadian stocks edged lower Tuesday, but turned in a better performance than U.S. equities, which were drubbed after relatively hawkish remarks from the new Federal Reserve Chair Jerome Powell.

In Powell's view, the recent stock market correction will not convince the Fed to delay raising interest rates.

"At this point, we do not see these developments as weighing heavily on the outlook for economic activity, the labor market and inflation. Indeed, the economic outlook remains strong," Powell said.

The TSX Composite Index was down 36.21 points to 15,678.45.

Bank of Montreal (BMO.TO) beat earnings estimates on the growth of its U.S. business. Shares slipped 1.8 percent.

The company said its bottom line dropped to C$1.42 billion, or C$2.12 per share. This was down from C$1.53 billion, or C$2.28 per share, in last year's first quarter.

"The constructive economic environment, particularly in the U.S., plays to the strengths of our business mix, with another quarter of increased contribution from our U.S. segment, which grew at a higher rate than the bank overall," said CEO Darryl White in a press release.

The Bank Of Nova Scotia (BNS.TO) said its bottom line rose to C$2.34 billion, or C$1.86 per share. This was up from C$2.01 billion, or C$1.57 per share, in last year's first quarter. The bank raised its dividend. The stock was up 1.4 percent.

Héroux-Devtek Inc. (HRX.TO) will acquire the shares of Beaver Aerospace & Defense Inc. and its wholly-owned subsidiary PowerTHRU Inc. from Phillips Service Industries for a purchase price of approximately US$23.5 million.

Exxon is selling its 19% stake in Eastern Canada's Terra Nova project.

Shoppers Drug Mart has signed a supply deal with Aurora Cannabis (ACB.TO).

Crude oil futures fell Tuesday, trimming recent gains as the dollar strengthened versus major rivals.

April WTI oil was down 90 cents, or 1.4%, to settle at $63.01/bbl.