Canadian Stocks Fall Along With Oil Prices -- Canadian Commentary

(RTTNews) - Canadian stocks fell Wednesday after data revealed the nation's economy turned in its weakest quarter since the financial crisis.

Statistics Canada reported gross domestic product decreased 0.4% in the second quarter, after increasing 0.6% in the first quarter.

Bay Street remained skittish despite yet another strong earnings report from a Big Five bank.

The S&P/TSX Composite Index was down 87.70 points, or 0.6 percent, to 14,597.15.

Energy stocks fell sharply along with crude oil futures.

The U.S. Energy Information Administration reported that domestic crude supplies rose by 2.3 million barrels in the week ended Aug. 26.

US crude oil futures settled at $44.70/BBL, down $1.65 on the day.

National Bank of Canada (NA.TO) announced a profit for its third quarter that advanced more than expected from last year.

The company said its bottom line totaled C$486 million, or C$1.33 per share. This was up from C$444 million, or C$1.25 per share, in last year's third quarter.

Still, shares fell 3 percent.

Royal Bank of Canada's (RY.TO) capital markets unit has agreed to pay $2.5 million to settle allegations related to the sale of Rural/Metro. Shares were down fractionally.

Potash Corporation of Saskatchewan Inc. (POT, POT.TO) confirmed that it is in preliminary discussions with Agrium Inc. (AGU, AGU.TO) regarding a potential merger of equals.

A controversial proposal to take satellite radio provider Sirius XM Canada Holdings Inc. (XSR.TO) private has won shareholder approval, the Globe and Mail reports.