TSX Flat Approaching Record Highs -- Canadian Commentary

By RTT News, 
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(RTTNews.com) - Canadian stocks are subdued Tuesday morning, stuttering near record highs amid a lack of market-driving catalysts. Reaction to data on U.S. wholesale sales and inventories has been somewhat muted.

Gold stocks are advancing, tracking higher bullion prices. Energy stocks are turning in a mixed performance.

The benchmark S&P/TSX Composite Index is up 3.61 points or 0.02 percent at 14,874.82.

On Monday, the index closed up 32.31 points or 0.22 percent at 14,871.21, extending gains to a seventh straight session. The index hit a high of 14,896.68 intraday, its best level since 2008, when it hit record highs above 15,000.

Seabridge Gold Inc. (SEA.TO) has announced that it has commenced exploration drilling at its KSM Project in Northwestern British Columbia, Canada. The stock is up 0.5 percent.

Valeant Pharmaceuticals International, Inc. (VRX.TO) is down 1.2 percent after Allergan Inc.'s ( AGN ) board said a sweetened takeover bid from Valeant and Pershing Square was inadequate.

Among other top stocks in the healthcare space, Catamaran Corporation (CCT.TO) and Extendicare Inc. (EXE.TO) are lower by 0.6 percent and 0.5 percent, respectively.

In the materials space, Potash Corporation of Saskatchewan Inc. (POT.TO), Yamana Gold Inc. (YRI.TO), Goldcorp Inc. (G.TO), Nevsun Resources Ltd. (NSU.TO), Rio Alto Mining Limited (RIO.TO), First Quantum Minerals Ltd. (FM.TO) and Silver Wheaton Corp. (SLW.TO) are moving up 1 to 3 percent.

B2Gold Corp. (BTO.TO), Timmins Gold Corp. (TMM.TO) and Kinross Gold Corp. (K.TO) are up 1.3 to 2.5 percent.

Meanwhile, Major Drilling Group International Inc. (MDI.TO) and Lundin Mining Corporation (LUN.TO) are down 1.2 percent and 0.5 percent, respectively.

Among energy stocks, Suncor Energy Inc. (SU.TO) and Canadian Oil Sands Limited (COS.TO) are advancing 0.8 percent and 1.2 percent, respectively. Cenovus Energy Inc. (CVE.TO) and Encana Corporation (ECA.TO) are notably lower.

Among big six banks, Toronto-Dominion Bank (TD.TO) and Bank of Montreal (BMO.TO) are notably higher, while the rest are little changed from their previous closing levels.

In commodities, crude oil is higher ahead of Wednesday's OPEC meeting in Vienna. Investors are also looking ahead to the American Petroleum Institute's weekly oil report due later in the day and the official inventory data from EIA due on Wednesday.

Crude futures for July are up $0.25 or 0.25 percent at $104.66 a barrel, after rising to a yearly high of $105.05 a barrel.

Natural gas for July is down $0.071 or 1.54 percent at $4.574 per million btu.

Gold futures for August are up $6.10 or 0.49 percent at $1,260.00 an ounce.

Silver for July is up $0.116 or 0.61 percent at $19.182 an ounce. Meanwhile, copper is little changed at $3.044 per pound.

On the economic front, Chinese inflation rose to a 5-month high of 2.5 percent in May, although it remained below the government's target of 3.5 percent.

In economic news from the U.S., a report from the Labor Department showed wholesale inventories to have increased by a more than expected 1.1 percent in April, matching the increase seen in the previous month. Economists had expected inventories to increase by about 0.5 percent.

Additionally, the Commerce Department said wholesale sales increased by 1.3 percent in April after jumping by 1.6 percent in March.

The Treasury is scheduled to announce the results of its auction of 3-year notes at 1 pm ET.

For comments and feedback: contact editorial@rttnews.com

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This article appears in: News Headlines

Referenced Stocks: AGN , BMO , CVE , ECA , EXEA

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