TSX Sideways As Markets Gear For Trump's Big Party -- Canadian Commentary

(RTTNews) - Canadian stocks inched higher Thursday in subdued dealing ahead of Donald Trump's presidential inauguration in the U.S.

The S&P/TSX Composite Index was up 11.96 points, or 0.08 percent, to 15,409.81.

Traders were waiting to see whether Trump issues executive orders that could impact the trade relationship between the U.S. and Canada.

The Bank of Canada yesterday lowered its economic forecast slightly amid concerns about the Trump effect on Canadian manufacturers.

The loonie slipped to its lowest in two weeks as the U.S. dollar recovered over the past few sessions.

Meanwhile, crude oil prices held near $51 a barrel after several members of the Organization of Petroleum Exporting Countries said they've already made their pledged supply reductions.

If the supply cuts do not accomplish this, OPEC countries could cut oil production again this year, Saudi Arabia's energy minister said Thursday in Davos.

Feb. WTI oil settled at $51.37/bbl on Nymex, up 29 cents, or 0.6 percent.

Canada's energy stocks were flat, but gold shares pushed higher despite slightly lower gold prices.

Canadian Pacific (CP, CP.TO) said that CEO Hunter Harrison has retired early. Keith Creel will become President and Chief Executive Officer of the company effective January 31, 2017.

The Wall Street Journal reported that Hunter Harrison is joining with an activist investor in an attempt to shake up management at rival railroad CSX Corp.

CP also announced a profit for its fourth quarter that increased from last year, although revenues fell.

CP shares were up 3.9 percent.

In other corporate news, George Weston Limited (WN.TO) and Loblaw Companies Limited (L.TO) announced that Galen Weston has been appointed Chairman and Chief Executive Officer of George Weston Limited. Weston will continue in his role as Chairman and CEO of Loblaw.

GW shares were down fractionally.