Canadian Stocks Are Falling At The Start Of The Week - Canadian Commentary

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(RTTNews.com) - The Canadian stock market is losing ground Monday morning. The bulk of the Canadian sectors are trading in the red in early trade. Gold and energy stocks are falling as commodity prices weaken.

Markets on Wall Street began the new trading week in the green, but have since pared their gains and turned negative.

After trading in the green for the bulk of the session, the majority of the European markets have now slipped into the red. Early gains were fueled by easing concerns over Italy. Moody's Investors Service cut Italy's credit rank by one step to Baa3, but set the outlook for the assessment at "stable", removing the immediate threat of a downgrade to junk.

The benchmark S&P/TSX Composite Index is down 102.01 points or 0.66 percent at 15,368.09.

On Friday, the index closed up by 65.97 points or 0.43 percent, at 15,470.10. The index scaled an intraday high of 15,579.83 and a low of 15,466.49.

The Gold Index is decreasing 1.36 percent. Kinross Gold (K.TO) is lower by 3.66 percent and Goldcorp (G.TO) is losing 2.38 percent. Barrick Gold (ABX.TO) is declining 0.46 percent and IAMGOLD (IMG.TO) is down 3.84 percent. B2Gold (BTO.TO) is weakening by 1.45 percent and Yamana Gold (YRI.TO) is surrendering 1.15 percent.

The Capped Materials Index is down 1.13 percent. Agnico Eagle Mines (AEM.TO) is falling 2.43 percent and Franco-Nevada (FNV.TO) is weakening by 1.56 percent.

Nutrien (NTR.TO) is also declining 1.98 percent. The company has reportedly vowed to protect its interests, after the company's attempt to sell its stake in Chilean lithium miner SQM to China's Tianqi hit a hurdle following a row about competitive risks.

The Capped Industrials Index is down 0.54 percent. Canadian National Railway (CNR.TO) is losing 0.88 percent and Canadian Pacific Railway Limited (CP.TO) is falling 0.25 percent. Finning International (FTT.TO) is declining 0.44 percent and Air Canada (AC.TO) is falling 0.99 percent.

Bombardier Inc. (BBD.B.TO) is falling 2.75 percent. The company is reportedly suing Mitsubishi Aircraft in the United States over alleged trade secret misappropriation. The aerospace company alleges some of its own former employees passed on documents containing trade secrets to Mitsubishi before going to work for the company.

The heavyweight Financial Index is decreasing 0.45 percent. Bank of Nova Scotia (BNS.TO) is losing 0.38 percent and Royal Bank of Canada (RY.TO) is weakening by 0.84 percent. Canadian Imperial Bank of Commerce (CM.TO) is down 0.11 percent and Toronto-Dominion Bank (TD.TO) is falling 0.34 percent. National Bank of Canada (NA.TO) is lower by 0.38 percent and Bank of Montreal (BMO.TO) is surrendering 0.77 percent.

The Energy Index is falling 0.47 percent. Encana (ECA.TO) is down 1.63 percent and Crescent Point Energy (CPG.TO) is losing 3.03 percent. Cenovus Energy (CVE.TO) is slipping 0.09 percent and Imperial Oil (IMO.TO) is declining 0.34 percent. Canadian Natural Resources (CNQ.TO) is lower by 0.46 percent and Suncor Energy (SU.TO) is dipping 0.23 percent. Husky Energy (HSE.TO) is decreasing 0.70 percent and Enbridge (ENB.TO) is down 0.91 percent.

The Capped Telecommunication Services Index is down 0.36 percent. BCE (BCE.TO) is lower by 0.41 percent and TELUS (T.TO) is losing 0.39 percent. Rogers Communications Inc. (RCI.B.TO) is falling 0.07 percent

The Capped Information Technology Index is gaining 0.67 percent. BlackBerry (BB.TO) is rising 0.41 percent and Constellation Software (CSU.TO) is climbing 0.08 percent. Sierra Wireless (SW.TO) is up 0.29 percent and Descartes Systems Group (DSG.TO) is adding 1.83 percent.

CGI (GIB.A.TO) is up 0.52 percent after it announced the successful collaboration with National Bank of Canada (NA.TO) and Skuchain on a pilot program. The program is expected to help improve and streamline the process for negotiating standby letters of credit and guarantees, the complex conditional agreements used by banks for securing financial transactions.

On the economic front, a report from Statistics Canada this morning showed that Canadian wholesale sales fell 0.1 percent in August. Economists had expected an increase of 0.2 percent.

In commodities, crude oil futures for November delivery are down 0.60 or 0.87 percent at $68.52 a barrel.

Natural gas for November is down 0.09 or 2.77 percent at $3.16 per million btu.

Gold futures for December are down 5.10 or 0.42 percent at $1,223.60 an ounce.

Silver for December is down 0.09 or 0.61 percent at $14.56 an ounce.

Read the original article on RTTNews (http://www.rttnews.com/2945819/canadian-stocks-are-falling-at-the-start-of-the-week-canadian-commentary.aspx)

For comments and feedback: contact editorial@rttnews.com

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

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