Bay Street Shakes Off U.S.-Iran Breakdown -- Canadian Commentary

(RTTNews) - Canadian stocks inched higher Tuesday, as the energy sector withstood wome early profit taking after recent gains.

The TSX Composite Index was up 34.08 points to 15,842.71.

Markets were relatively calm after President Donald Trump announced the US would formally withdraw from Iran's nuclear deal.

"It is clear to me that we cannot prevent an Iranian nuclear bomb under the decaying and rotten structure of the current agreement," Trump said. "The Iran deal is defective at its core. If we do nothing we know exactly what will happen."

Trump will initiate "the highest level" of new sanctions.

"The so-called Iran deal was supposed to protect the United States and our allies from the lunacy of an Iranian nuclear bomb, a weapon that will only endanger the survival of the Iranian regime," the President said. "In fact, the deal allowed Iran to continue enriching uranium and over time reach the brink of a nuclear breakout."

Royal Dutch Shell plc will sell its entire stake in Canadian Natural Resources Limited (CNQ, CNQ.TO). It will result in total pre-tax proceeds of approximately $3.3 billion. Shares of CNQ fell 1.9 percent.

Valeant Pharmaceuticals International Inc. (VRX, VRX.TO) reported that its net loss for the first-quarter ended March 31, 2018 was $2.693 billion, as compared to net income of $628 million for the same period in 2017.

In an effort to re-brand, Valeant will change its name to Bausch Health Companies Inc., effective in July 2018, and will trade under the symbol BHC. Shares jumped 8.8 percent.

Scotiabank (BNS.TO) has joined rivals in raising their fixed mortgage rates.

Aimia (AIM.TO) named Jeremy Rabe as its new president and CEO on Tuesday, effective immediately.

George Weston (WN.TO) raised its dividend, and reported a $180-million Q1 profit. Shares were flat.

Quebecor (QBR.B.TO) is buying Caisse's stake in Quebecor Media for $1.69 billion.