TSX Edges Lower On Widespread Weakness -- Canadian Commentary

(RTTNews) - Canadian stocks fell Monday amid more signs of weakness in the energy sector, as U.S. oil services giant Halliburton said it cut 6,000 jobs in the first quarter.

The S&P/TSX Composite Index dropped 78.01 points, or 0.56 percent, to 13,795.99, edging further from recent 6-month highs.

Energy stocks fell 1.5 percent, while gauges of most other sectors were in the red.

Crude oil futures turned lower on expectations that supplies in Cushing, Oklahoma storage facilities continued to rise.

June WTI oil settled at $42.64/bbl on Nymex, down $1.09, or 2.5%. Prices jumped to a yearly high near $44 last week.

Valeant Pharmaceuticals (VRX.TO) today announced that its Board of Directors has named outgoing Perigo boss Joseph C. Papa to become Chairman and Chief Executive Officer.

It is hoped Papa can lead a turnaround for the company plagued by recent accounting issues.

The stock dropped 1.5 percent, surrending early gains.

Bombardier (BBD.B.TO) has slashed the number of streetcars it is promising to deliver to Toronto this year, according to the Globe and Mail.

Meanwhile, Bombardier denies it plans launching a new airline in Iran, but admits being in talks with Tehran about selling numerous planes.

Shares were up 5.3 percent.