TSX Inches Higher After U.S. Tax Cuts -- Canadian Commentary

(RTTNews) - Canadian stocks edged higher Wednesday, bolstered by rising crude oil prices and optimism over sweeping U.S. tax reform.

House Republicans voted once again for tax reform legislation, sending the bill to President Donald Trump's desk.

The bill reduces the corporate tax rate to 21 percent from 35 percent, gives tax breaks to pass-through businesses and includes provisions intended to encourage domestic business investment.

The TSX Composite Index was up 40 points at 16,173 at last check.

The U.S. Commerce Department trimmed its duties on Bombardier's C-Series from 299% to 292%.

Meanwhile, Bombardier will make 27 additional VLocity diesel railcars for Victoria. Shares fell 1.3 percent.

BlackBerry (BB.TO) reported surprisingly strong sales in their latest quarter. Excluding non-recurring items, the company reported adjusted earnings per share of 3 cents, compared with the consensus of breakeven. Shares rose 0.8 percent.

Loblaw (L.TO) and George Weston (WN.TO) admitted to a long-term bread price-fixing scandal.

Rogers Communications (RCi.B.TO) and CBC have signed a new deal for Hockey Night In Canada until 2026.

TransCanada's (TRP.TO) request to amend its Keystone pipeline application has been denied by Nebraska.