TSX Hugs 15,000 As Retail Sales Disappoint -- Canadian Commentary

(RTTNews) - Canadian stocks inched higher Tuesday in quiet trading ahead of earnings season for big banks.

Bay Street has been in a foul mood lately amid stubbornly low oil prices and signs the Bank of Canada will soon raise interest rates.

Canada's retail sales edged up 0.1 percent in June from May, Statistics Canada said on Tuesday, disappointing analysts who were looking for growth of 0.3 percent.

The TSX Composite Index was up 36.47 points at 14,998, at last check.

Energy stocks continued to underperform. Oct. WTI oil settled at $47.83/bbl, up 30 cents, or 0.6%. Sept. WTI oil was up 27 cents, or 0.6%, to end at $47.64/bbl on contract's expiration day.

The American Petroleum Institute is out will industry data this afternoon, while the EIA reports the government's data tomorrow morning. Analysts expect U.S. stockpiles will dwindle further.

Global mining giant BHP said it will exit its U.S. shale business and may sell its Canadian potash project.

Finland's Affecto Plc, a data analytics and business intelligence services firm, received an all cash takeover offer from CGI (GIB, GIB.A).

"The offer to merge with Affecto aligns with CGI's plan to profitably double the company in five to seven years through a combination of acquisitions and organic growth," said George Schindler, CGI President and Chief Executive Officer.