Bay Street Bulls Take A Breather, Win Streak Ends -- Canadian Commentary

(RTTNews) - Canadian stocks inched lower Wednesday as traders booked profits from a bull market run to 10-month highs.

The S&P/TSX Composite Index was down 52.51 points, or 0.37%, to 14,313.10, but remains up 20% from its January lows.

Today's modest decline broke a 4-day win streak powered by higher oil prices and rebounding metals.

Valeant Pharmaceuticals (VRX.TO) was again a drag on the broader market, sliding for a fifth day after offering gloomy guidance on Tuesday.

In corporate news, Corus Entertainment (CJR.B.TO) today announced that Chief Financial Officer Tom Peddie will retire.

Canam Group (CAM.TO) has bought into a 51 percent stake in South Plainfield, New Jersey-based Stonebridge Inc.

Crude oil futures continued to surge Wednesday, settling above $51 for the first time in almost a year.

Still, energy stocks fell 2 percent, trimming significant recent gains.

West Texas Intermediate crude for July delivery rose 87 cents, or 1.7%, to finish at $51.23 a barrel. Prices have almost doubled since hitting a 13-year low near $26 in February.

The recent wildfires near Fort McMurray in Alberta have reduced Canada's oil sands production and it may take weeks for production to return to previous levels, the U.S. Energy Information Administration or EIA said Wednesday.

May's raging inferno near the Canada's oil sands capital prompted the province of Alberta to declare a state of emergency.

Suncor Energy Inc. (SU.TO) has said it plans to be back on full steam by mid-July.

Mining stocks continued to rally, gaining 3.3%.

August gold settled at a 3-week high of $1,262.30/oz., up 1.2%.

July silver had its best daily gain in 8 weeks, up 60 cents, or 3.7%, at $16.99/oz.

Canadian building permits edged down 0.3% to C$6.9 billion. This marked the second consecutive monthly decline and was largely the result of lower construction intentions in Ontario.