TSX Pares Recent Gains As Energy Stocks Falter -- Canadian Commentary

(RTTNews) - Canadian stocks fell Thursday, giving back a portion of recent gains due to losses in the energy sector.

The TSX Composite slipped 78 points, or .50 percent, to 15,578.76, as energy stocks dropped 1.9 percent.

That's despite crude oil prices rising above $50 for the first time in a few weeks.

WTI light sweet crude oil was up 85 cents to $50.36 a barrel.

In corporate news, ConocoPhillips has agreed to sell oil sands and western Canadian natural gas assets to Cenovus Energy Inc (CVE.TO) for C$17.7 billion. Cenovus intends to double its production.

Dollarama (DOL.TO) reported a higher-than-expected quarterly profit.

Lululemon Athletica's Inc. (LULU, LLL.TO) disappointing guidance has sent shares sharply lower.

Air Canada claims Airbus's negligence contributed to a crash landing at Halifax Stanfield International Airport two years ago.

Canadian Imperial Bank of Commerce (CM.TO) said on Thursday it has raised its offer for PrivateBancorp Inc by 20 percent to $4.9 billion.