TSX Extends Recent Gains -- Canadian Commentary

(RTTNews) - Canadian stocks crept higher for a fourth session Thursday despite the ongoing battle between western provinces over the controversial Trans Mountain pipeline.

Alberta has passed a law allowing the province to block oil shipments to British Columbia in retaliation for resistance to the project.

"Alberta will be equipped with new tools to assert our rights to control the flow of our resources to British Columbia," Rachel Notley said Wednesday.

"Albertans, British Columbians and all Canadians should understand that if the path forward for the pipeline through B.C. is not settled soon, I'm ready and prepared to turn off the taps."

The TSX Composite was up 35.49 points to 16,143.55.

Oil prices inched lower but stayed near 4-year peak around $72 a barrel.

Pipeline operator Enbridge Inc. (ENB, ENB.TO) announced it has made separate all-share proposals to the respective boards of directors of its sponsored vehicles, Spectra Energy Partners, LP (SEP), Enbridge Energy Partners, L.P. (EEP), Enbridge Energy Management, L.L.C (EEQ) and Enbridge Income Fund Holdings Inc. (ENF.TO), to acquire, in separate combination transactions, all of the outstanding equity securities of those sponsored vehicles.

Enbridge would spend up to $11.4 billion total. Shares rose 1 percent.

Canopy Growth (WEED.TO) downplayed speculation it will pursue acquisitions with the same zeal as rival Aurora (ACB.TO). WEED shares rose 11 percent.

ATS Automation Tooling Systems(ATA.TO) reported a 12% increase in revenues.

CN Rail (CN.TO) has been fined more than $1 million for violating U.S. environmental laws.

Crude oil prices continued to march higher Thursday morning. WTI light sweet oil was up 60 cents at $72.12 a barrel, the highest in four years.

With OPEC cutting production, the Venezuelan oil industry in tatters, and geopolitical tensions threatening output from Iran, oil prices have risen dramatically this month.

Foreign investment in Canadian securities amounted to $6.1 billion in March, led by acquisitions of money market instruments. At the same time, Canadian investors reduced their holdings of foreign securities by $1.9 billion, the first divestment in four months.