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Canadian Stocks Are Falling Along With Commodity Prices - Canadian Commentary


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(RTTNews.com) - The Canadian stock market is losing ground in early trade Tuesday, following the weak performance of the previous day. A drop in commodity prices is weighing on shares of gold and energy stocks. Crude oil prices have fallen to a 1-year low this morning.

Markets in Europe are trading in the red Tuesday, extending the losses from the previous session. Bank of England Governor Mark Carney welcomed the draft Brexit deal and the transition arrangement that British Prime Minister Theresa May struck with the European Union last week, but warned that the risks of a "no-deal, no-transition" scenario remained very high.

Markets on Wall Street are declining Tuesday morning, adding to yesterday's losses. Traders reacted negatively to the latest batch of corporate earnings from retailers like Target, Lowe's and Kohl's.

The benchmark S&P/TSX Composite Index is down 204.57 points or 1.36 percent at 14,866.44.

On Monday, the index closed down by 84.49 points or 0.56 percent, at 15,071.01. The index scaled an intraday high of 15,170.82 and a low of 15,040.53.

The Energy Index is falling 2.94 percent. Imperial Oil (IMO.TO) is losing 3.20 percent and Husky Energy (HSE.TO) is declining 4.21 percent. Suncor Energy (SU.TO) is down 1.88 percent and Encana (ECA.TO) is lower by 5.57 percent. Canadian Natural Resources (CNQ.TO) is weakening by 2.84 percent and Crescent Point Energy (CPG.TO) is surrendering 5.44 percent. Cenovus Energy (CVE.TO) is decreasing 4.53 percent and Enbridge (ENB.TO) is slipping 1.23 percent.

The Capped Materials Index is down 2.38 percent. Franco-Nevada (FNV.TO) is declining 0.71 percent and Agnico Eagle Mines (AEM.TO) is falling 0.83 percent. Nutrien (NTR.TO) is losing 3.19 percent.

The Capped Industrials Index is down 1.77 percent. Bombardier (BBD-B.TO) is decreasing 3.14 percent and Finning International (FTT.TO) is losing 0.93 percent. Canadian National Railway (CNR.TO) is declining 2.32 percent and Canadian Pacific Railway (CP.TO) is lower by 2.70 percent. Air Canada (AC.TO) is weakening 2.95 percent and WestJet Airlines (WJA.TO) is surrendering 1.62 percent.

The heavyweight Financial Index is decreasing 1.49 percent. Bank of Nova Scotia (BNS.TO) is losing 1.72 percent and Royal Bank of Canada (RY.TO) is down 1.36 percent. Toronto-Dominion Bank (TD.TO) is declining 1.69 percent and Bank of Montreal (BMO.TO) is falling 1.04 percent. Canadian Imperial Bank of Commerce (CM.TO) is surrendering 1.17 percent and National Bank of Canada (NA.TO) is weakening by 1.66 percent.

The Gold Index is decreasing 1.32 percent. Goldcorp (G.TO) is weakening 1.36 percent and Barrick Gold (ABX.TO) is falling 1.27 percent. IAMGOLD (IMG.TO) is down 2.39 percent and Yamana Gold (YRI.TO) is lower by 3.86 percent. Kinross Gold (K.TO) is losing 2.35 percent and B2Gold (BTO.TO) is declining 0.87 percent. Eldorado Gold (ELD.TO) is surrendering 3.72 percent.

The Capped Information Technology Index is losing 0.95 percent. Constellation Software (CSU.TO) is down 1.22 percent and Descartes Systems Group (DSG.TO) is surrendering 1.44 percent. BlackBerry (BB.TO) is falling 0.18 percent and Sierra Wireless (SW.TO) is lower by 1.80 percent.

The Capped Telecommunication Services Index is down 0.47 percent. TELUS (T.TO) is dipping 0.04 percent and BCE (BCE.TO) is lower by 0.18 percent. Rogers Communications (RCI-B.TO) is falling 0.64 percent.

George Weston Ltd. (WN.TO) is down 1.13 percent after it reported adjusted earnings of $288 million or $2.25 per share for the quarter ended October 6, 2018, compared with an adjusted profit of $277 million or $2.14 per share a year ago.

Premium Brands Holdings Corporation (PBH.TO) is losing 1.52 percent after it announced that the Toronto Stock Exchange has accepted its notice of intention to make a normal course issuer bid to purchase for cancellation up to 1,688,266 common shares, representing 5% of the Corporation's issued and outstanding common shares.

AutoCanada Inc. (ACQ.TO) is falling 0.77 percent after it announced that it has agreed to acquire Rose City Ford Sales Limited, a Ford dealer in Windsor, Ontario, with a 65,000 square foot facility, an 11-vehicle showroom, 28 service bays and a collision centre.

On the economic front, Germany's industrial producer prices rose at the fastest pace in 18 months during October, figures from the Federal Statistical Office showed on Tuesday. Producer prices rose 3.3 percent year-on-year following a 3.2 percent increase in September. The increase matched economists' expectations.

France's jobless rate was unchanged in the third quarter from the previous three months, preliminary data from INSEE showed on Tuesday.

The ILO unemployment rate for the metropolitan France was 8.8 percent, unchanged from the second quarter, but was 0.5 points lower than a year ago. The number of unemployed rose by 22,000 sequentially to 2.6 million persons.

Housing starts in the U.S. rebounded in the month of October, according to a report released by the Commerce Department on Tuesday, although the report also showed a decrease in building permits. The Commerce Department said housing starts jumped by 1.5 percent to an annual rate of 1.228 million in October after plunging by 5.5 percent to a revised rate of 1.210 million in September.

Economists had expected housing starts to climb to a rate of 1.225 million from the 1.201 million originally reported for the previous month.

Meanwhile, the report said building permits fell by 0.6 percent to an annual rate of 1.263 million in October after surging up by 1.7 percent to an upwardly revised 1.270 million in September. Building permits, an indicator of future housing demand, had been expected to increase to 1.267 million from the 1.241 million originally reported for the previous month.

In commodities, crude oil futures for December delivery are down 3.15 or 5.51 percent at $54.05 a barrel.

Natural gas for December is down 0.198 or 4.21 percent at $4.502 per million btu.

Gold futures for December are down 2.10 or 0.17 percent at $1,223.20 an ounce.

Silver for December is down 0.118 or 0.82 percent at $14.285 an ounce.


Read the original article on RTTNews (http://www.rttnews.com/2956671/canadian-stocks-are-falling-along-with-commodity-prices-canadian-commentary.aspx)


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This article appears in: Insurance , Banking and Loans , US Markets , Oil , Stocks , Retirement
Referenced Symbols: ABX ,



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