TSX Inches Higher Even As Oil Plunges -- Canadian Commentary

(RTTNews) - Canadian stocks nudged higher Tuesday, even as crude oil crude oil futures plunged to their lowest settlement since late November.

Energy and financial stocks were down fractionally, but health care, gold and health care stocks rallied.

The TSX Composite Index was up 44.02 points, or 0.28 percent, to 15,619.65.

Traders were jittery ahead of tomorrow's U.S. interest rate decision. Analysts say there is only a small chance that the Federal Reserve raises interest rates, particularly after a recent spate of lackluster U.S. economic data.

June WTI oil was down $1.18, or 2.4%, to settle at $47.66/bbl. Baker Hughes on Friday said the number of active U.S. rigs has risen 15 weeks in a row, offsetting OPEC's supply quotas.

WestJet Airlines Ltd. (WJA.TO) has placed a firm order for 10 Boeing Dreamliners, and may buy 10 more, confirming plans to expand its long-distance fleet to Asia.

Meanwhile, WestJet reported a lower quarterly profit, blaming severe winter weather. Shares slipped 3.3 percent.

Encana Corp (ECA.TO) reported a better-than-expected operating profit for the first quarter amid higher energy prices. Shares were flat.

Calgary's Agrium Inc (AGU.TO) reported a smaller-than-expected loss as sales were essentially flat. Shares were down 1.3 percent.

Home Capital Group (HCG.TO) trimmed massive recent losses, picking up 11 percent on bargain hunting. The embattled lender is faced with declining deposits and has drawn $1 billion from an emergency line of credit. Kinder Morgan plans to buy 75% of its Trans Mountain extension pipe from a company in Regina.