(RTTNews.com) - The Canadian stock market is rising in early trade Monday, recovering some of its losses from the prior week of trade. The majority of the Canadian sectors are trading in the green this morning, with the exception of energy and healthcare.
Markets in Europe are rebounding Monday, despite political concerns in Germany. On Sunday, Chancellor Angela Merkel's coalition government suffered a beating in a second key regional election in as many weeks. Merkel will reportedly not seek re-election for party chief.
Markets on Wall Street are bouncing back at the start of the new trading week. Bargain hunting appears to be playing a role, as investors step in to buy stocks at reduced prices following the weakness of the prior trading week.
The benchmark S&P/TSX Composite Index is up 123.03 points or 0.83 percent at 15,011.29.
On Friday, the index closed down by 35.82 points or 0.24 percent, at 14,888.26. The index scaled an intraday high of 14,950.84 and a low of 14,732.03.
The Capped Information Technology Index is gaining 1.78 percent. BlackBerry (BB.TO) is rising 2.55 percent and Sierra Wireless (SW.TO) is up 0.82 percent. Constellation Software (CSU.TO) is higher by 2.68 percent and Descartes Systems Group (DSG.TO) is adding 2.14 percent.
The Capped Industrials Index is up 1.31 percent. Canadian Pacific Railway (CP.TO) is rising 1.48 percent and Canadian National Railway (CNR.TO) is higher by 1.02 percent. Finning International (FTT.TO) is advancing 0.78 percent and Air Canada (AC.TO) is climbing 1.99 percent. WestJet Airlines (WJA.TO) is gaining 1.41 percent.
The heavyweight Financial Index is increasing 0.97 percent. Bank of Nova Scotia (BNS.TO) is gaining 0.80 percent and Canadian Imperial Bank of Commerce (CM.TO) is up 1.34 percent. National Bank of Canada (NA.TO) is higher by 0.70 percent and Royal Bank of Canada (RY.TO) is climbing 0.94 percent. Toronto-Dominion Bank (TD.TO) is rising 1.27 percent and Bank of Montreal (BMO.TO) is advancing 0.77 percent.
The Capped Telecommunication Services Index is up 0.94 percent. BCE (BCE.TO) is higher by 0.58 percent and TELUS (T.TO) is gaining 0.89 percent. Rogers Communications Inc. (RCI.B.TO) is rising 1.24 percent
The Capped Materials Index is up 0.87 percent. Franco-Nevada (FNV.TO) is rising 0.61 percent and Agnico Eagle Mines (AEM.TO) is higher by 0.56 percent. Nutrien (NTR.TO) is gaining 0.83 percent.
The Gold Index is increasing 0.62 percent. Kinross Gold (K.TO) is higher by 2.88 percent and Goldcorp (G.TO) is gaining 2.50 percent. B2Gold (BTO.TO) is climbing 1.18 percent and Barrick Gold (ABX.TO) is advancing 0.53 percent. Eldorado Gold (ELD.TO) is rising 1.02 percent.
The Energy Index is falling 0.47 percent. Encana (ECA.TO) is down 0.37 percent and Canadian Natural Resources (CNQ.TO) is down 0.22 percent. Crescent Point Energy (CPG.TO) is weakening by 0.54 percent and Cenovus Energy (CVE.TO) is declining 1.26 percent. Suncor Energy (SU.TO) is dipping 0.07 percent.
SNC-Lavalin (SNC.TO) is up 1.00 percent after it announced that the Aurora Engineering Partnership, between Qinetiq; Atkins, a member of the SNC-Lavalin Group; and BMT, has been appointed by the UK Ministry of Defence as their Engineering Delivery Partner for Defence Equipment & Support.
On the economic front, UK mortgage approvals declined in September, figures from Bank of England showed Monday. The number of housing loan approvals fell to 65,269 in September from 66,101 in August. Nonetheless, this was above the expected level was 64,700.
A report released by the Commerce Department on Monday showed personal income in the U.S. rose by slightly less than expected in the month of September, although the report also showed personal spending increased in line with estimates.
The report said personal income edged up by 0.2 percent in September after climbing by an upwardly revised 0.4 percent in August.
Economists had expected income to rise by 0.3 percent, matching the increase originally reported for the previous month.
Meanwhile, the Commerce Department said personal spending rose by 0.4 percent in September after increasing by an upwardly revised 0.5 percent in August.
Spending had been expected to advance by 0.4 percent following the 0.3 percent growth originally reported for the previous month.
In commodities, crude oil futures for November delivery are down 0.59 or 0.87 percent at $67.00 a barrel.
Natural gas for November is down 0.074 or 2.32 percent at $3.111 per million btu.
Gold futures for December are down 3.40 or 0.28 percent at $1,232.40 an ounce.
Silver for December is down 0.005 or 0.03 percent at $14.695 an ounce.
Read the original article on RTTNews (http://www.rttnews.com/2948575/canadian-stocks-are-climbing-at-the-start-of-the-week-canadian-commentary.aspx)
For comments and feedback: contact email@example.com