TSX Continues To Fall Along With Oil Prices -- Canadian Commentary

(RTTNews) - Canadian stocks fell sharply Tuesday, with resource producers saddled by a downturn in commodities.

The S&P/TSX Composite Index was down 157.95 points, or 1.14 percent, to 13,707.68, extending Monday's retreat.

OPEC nations and Russia are expected to keep pumping vast amounts of oil in order to preserve market share, putting a cap on crude oil's recent advance.

Nymex June oil dropped $1.13, or 2.5%, at $43.65 a barrel. Energy stocks lost 2.5 percent.

Metals shares were also hit hard. The Diversified Metals and Mining Index slipped 5.3 percent, trimming strong recent gains.

Encana Corp. (ECA.TO, ECA) reported Tuesday that its first-quarter net loss was $379 million, narrower than last year's loss of $1.71 billion.

The company also said it is company on track to meet or beat 2016 guidance announced in February.

Encana shares tumbled 10 percent.

Husky Energy (HSE.TO) is its selling royalty interest in certain oil properties to Freehold Royalties (FRU.TO) for C$165 million. Husky shares were up fractionally.

WestJet (WJA.TO) profit dropped 38 percent on higher costs and sluggish demand for Alberta routes. The stock was down 5.3 percent.