TSX Down Triple-digits On Valeant, Oil Weakness -- Canadian Commentary

(RTTNews) - Energy stocks succumbed to falling oil prices Tuesday, pushing Toronto's main index to its lowest in a few week.

The TSX Composite tumbled 165.21 points, or 1.06 percent, to 15,379, falling further from recent record highs near 16,000.

In corporate news, Pershing Square Capital Management, L.P. said Monday that it has sold its investment in Valeant Pharmaceuticals International Inc. (VRX, VRX.TO).

Pershing Square CEO Bill Ackman and Vice Chairman Steve Fraidin, key activist leaders, will not stand for re-election to the company board.

Valeant plunged 10 percent, leading health care stocks lower.

Canadian department store Hudson's Bay Company (HBC.TO) is in talks to buy Neiman Marcus, CNBC reports, citing Dow Jones. HBC lost 1.2 percent.

April WTI oil was down 68 cents, or 1.4%, to settle at $47.72/bbl. Prices have dropped seven straight sessions to the lowest since November.

In economic news, wholesale inflation data solidified expectations of a U.S. interest rate hike tomorrow.