TSX Edges Lower As Financials Struggle -- Canadian Commentary

(RTTNews) - Canadian stocks were lower Tuesday, as financials struggled when Canada's housing agency said it will increase its homeowner mortgage loan insurance premiums for the third time in four years.

The S&P/TSX Composite Index dropped 37.93 points, or 0.25 percent, to 15,441.36, with gold and energy stocks providing a measure of support.

National Bank (NA.TO) Financial hired veteran investment banker Dan Nowlan from rival CIBC World Markets. National shares fell 1 percent.

Bombardier Transportation (BBD_B.TO) confirmed the company has received an official notice from French national railways SNCF to supply, in consortium with Alstom, 71 new trains for the RER lines D and E of the greater Paris network. The order is valued at $1.22 billion. Bombardier was up 5 percent.

Pattern Energy Group Inc. (PEGI, PEG.TO) will offer $350 million aggregate principal amount of senior notes due 2024 to qualified institutional buyers and to certain non-U.S. persons. Shares slipped 4 percent.

Goodfellow Inc.(GDL.TO) has promoted Patrick Goodfellow to President And CEO.

Energy stocks nudged higher along with crude oil prices, which settled near $53 a barrel.

Gold stocks jumped 1.4 percent as gold hit its highest in 2 months.

The International Monetary Fund says it estimates the Canadian economy will grow by 1.9 percent in 2017 and 2.0 percent in 2018. That compares with its previous estimate of 1.9 percent growth in both years.