(RTTNews.com) - The Canadian stock market is rising in early trade Friday, following yesterday's triple-digit loss. The rise in commodity prices this morning has provided a boost to shares of energy and gold stocks. Traders are also focusing on corporate earnings and economic data at the end of the trading week, rather than global trade concerns.
Markets in Europe are turning in a mixed performance Friday. The Italian government has until Monday to respond to the European Commission's letter that the nation's significantly higher deficit targets represented a deviation "unprecedented in the history" of EU budget rules. Italian government bond yields have hit four-year highs on concerns over the country's controversial budget plans.
Markets on Wall Street are climbing in early trade Friday. A positive reaction to upbeat earnings news from big-name companies such as Procter & Gamble (PG) and Honeywell (HON) is contributing to the initial strength.
The benchmark S&P/TSX Composite Index is up 120.79 points or 0.78 percent at 15,524.92.
On Thursday, the index closed down by 125.77 points or 0.81 percent, at 15,404.13. The index scaled an intraday high of 15,513.58 and a low of 15,380.70.
The Capped Materials Index is up 1.14 percent. Agnico Eagle Mines (AEM.TO) is rising 0.99 percent and Franco-Nevada (FNV.TO) is climbing 0.79 percent. Nutrien (NTR.TO) is also advancing 2.51 percent.
The Energy Index is rising 1.05 percent. Encana (ECA.TO) is up 2.61 percent and Crescent Point Energy (CPG.TO) is gaining 3.07 percent. Cenovus Energy (CVE.TO) is climbing 1.44 percent and Imperial Oil (IMO.TO) is advancing 1.87 percent. Canadian Natural Resources (CNQ.TO) is higher by 0.43 percent and Suncor Energy (SU.TO) is adding 0.47 percent. Husky Energy (HSE.TO) is increasing 0.40 percent and Enbridge (ENB.TO) is up 2.15 percent.
The Capped Industrials Index is up 0.85 percent. Canadian National Railway (CNR.TO) is gaining 1.74 percent and Finning International (FTT.TO) is advancing 0.27 percent.
Canadian Pacific Railway (CP.TO) is rising 0.54 percent after it announced third quarter revenues of $1.9 billion, its highest ever for any quarter, and reported diluted earnings per share of $4.35, or $4.12 on an adjusted diluted EPS basis, the highest in the company's history.
The Gold Index is increasing 0.71 percent. Kinross Gold (K.TO) is higher by 1.07 percent and Goldcorp (G.TO) is gaining 0.49 percent. Barrick Gold (ABX.TO) is advancing 1.27 percent and IAMGOLD (IMG.TO) is up 1.94 percent. Eldorado Gold (ELD.TO) is rising 1.69 percent.
The Capped Telecommunication Services Index is up 0.74 percent. BCE (BCE.TO) is higher by 1.33 percent and TELUS (T.TO) is gaining 1.04 percent.
Rogers Communications Inc. (RCI.B.TO) is falling 0.84 percent after it reported total revenue growth of 3% and adjusted EBITDA growth of 8% for the third quarter, over the corresponding quarter of the previous financial year. The wireless service division saw a revenue growth of 5% and adjusted EBITDA growth of 8%, with margin expanding by 90 basis points in the third quarter.
The Capped Information Technology Index is gaining 0.76 percent. BlackBerry (BB.TO) is rising 0.64 percent and Constellation Software (CSU.TO) is climbing 1.07 percent. Sierra Wireless (SW.TO) is up 0.33 percent and Descartes Systems Group (DSG.TO) is adding 0.42 percent.
The heavyweight Financial Index is increasing 0.52 percent. Bank of Nova Scotia (BNS.TO) is gaining 0.43 percent and Royal Bank of Canada (RY.TO) is climbing 0.47 percent. Canadian Imperial Bank of Commerce (CM.TO) is up 0.53 percent and Toronto-Dominion Bank (TD.TO) is rising 0.23 percent. National Bank of Canada (NA.TO) is higher by 0.48 percent and Bank of Montreal (BMO.TO) is adding 0.19 percent.
Corus Entertainment Inc. (CJR.B.TO) is up 7.39 percent after it reported net income attributable to shareholders of $33.7 million ($0.16 per share basic) for the fourth quarter. For the full year, Corus reported net loss attributable to shareholders of $784.5 million ($3.77 loss per share basic), due to broadcast license and goodwill impairment charges of $1,013.7 million recorded in the third quarter.
On the economic front, a report from Statistics Canada this morning showed that Canadian retail sales slid 0.1 percent in August. Economists had been expecting an increase of 0.3 percent.
A separate report showed that the Canadian consumer price index rose 2.2 percent year over year in September. Economists had expected an increase of 2.7 percent.
China's economy grew at the slowest pace since the global financial crisis in 2009 reflecting softening activity across manufacturing and investment amid escalating trade tensions and government's measures to rein in excessive lending.
Gross domestic product expanded 6.5 percent year-on-year in the third quarter, slower than the 6.7 percent growth seen in the second quarter, the National Bureau of Statistics reported Friday.
GDP growth was also slower than the 6.6 percent expansion expected by economists. Nonetheless, this was in line with the government's full year target of about 6.5 percent.
Euro area current account surplus increased in August from the previous month, preliminary data from the European Central Bank showed on Friday. The current account surplus rose to EUR 24 billion from EUR 19 billion in July. A year ago, the surplus was EUR 39 billion.
The UK budget deficit reached its lowest September level in 11 years, data from the Office for National Statistics showed Friday. Public sector net borrowing excluding public sector banks was GBP 4.1 billion, which was GBP 0.8 billion less than in September 2017. This was the lowest September deficit since 2007.
After a month of stagnation in August, the National Association of Realtors released a report on Friday showing existing home sales in the U.S. tumbled by much more than anticipated in the month of September.
NAR said existing home sales plunged by 3.4 percent to an annual rate of 5.15 million in September after edging down by 0.2 percent to a revised rate of 5.33 million in August.
Economists had expected existing home sales to drop by 0.7 percent to a rate of 5.30 million from the 5.34 million originally reported for the previous month.
In commodities, crude oil futures for November delivery are up 0.95 or 1.38 percent at $69.60 a barrel.
Natural gas for November is up 0.032 or 1.00 percent at $3.23 per million btu.
Gold futures for December are up 1.10 or 0.09 percent at $1,231.20 an ounce.
Silver for December is up 0.106 or 0.73 percent at $14.71 an ounce.
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