TSX Slides Despite Lifelines For Laggards -- Canadian Commentary

(RTTNews) - Canadian stocks fell Thursday despite strong performances from a number of turbulent companies, including Valeant, Bombardier and Home Capital.

The TSX Composite was down 82.66 points to 15,550.55, which gauges of most sectors in the red.

Amid shareholder discontent, Bombardier's (BBD.B.TO) said Executive Chairman Pierre Beaudoin would step down, but continue as non-executive chair.

The company reported its net loss for the first-quarter of 2017 narrowed to $31 million and $0.02 per share from $138 million and $0.07 per share in the prior year. Shares jumped 7.3 percent.

Air Canada (AC.TO) jumped 10 percent on plans to launch its own loyalty program in 2020, ending its agreement with Aeroplan. Shares of Aimia, the parent company of Aeroplan, plunged 63 percent.

Home Capital Group Inc (HCG.TO) said its high-interest savings deposits were expected to have fallen to about C$128 million. Also, Home Capital is reportedly in talks to divest $2 billion in assets. The troubled lender reports delayed quarterly earnings today.

Shares surged up 22 percent, adding to this week's strong rebound.

Pipeline operator Enbridge Inc (ENB.TO) reported a smaller quarterly profit. Net earnings fell to $638 million from $1.21 billion a year earlier. Shares fell 3.2 percent.

Brookfield Asset Management Inc. (BAM.A.TO) said first quarter earnings fell slightly.

Canadian Tire Corp. (CTC.TO) released a profit for its first quarter that rose 26% from last year. Shares rose 4 percent.

Maple Leaf Foods Inc. is voluntarily recalling various breaded chicken products as they might contain a toxin produced by Staphylococcus bacteria.

Quebecor Inc. (QBRb.TO) swung to a first quarter loss but said its dividend is going up 22.2 percent. Shares were lower.

Auto parts maker Magna (MG.TO) shares rose 6 percent after posting a stronger quarterly profit.

Valeant (VRX.TO) jumped 8% after reporting positive patent litigation developments regarding Xifaxan.

Energy stocks fell, trimming weekly gains despite higher oil prices. WTI oil prices mark highest finish since May 1, gaining 50 cents, or 1.1%, to settle at $47.83/bbl.

Gold stocks jumped 2.8 percent on higher gold prices.

On the economic front, Statistics Canada reported that its new housing price index rose 0.2% in March compared with the previous month. Of course, Toronto and Vancouver led the way.