Canadian Stocks Are Falling Further In Early Trade - Canadian Commentary

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(RTTNews.com) - The Canadian stock market is down in early trade Thursday, extending the weakness from the previous session. Energy stocks are struggling this morning as crude oil prices attempt to rebound.

Markets in Europe are trading firmly in negative territory Thursday. Auto and resource stocks were under pressure after reports the Trump administration is mulling raising tariffs on Chinese goods.

Markets on Wall Street got off to a weak start Thursday, but have since pared their early losses. Trade concerns are weighing on investor sentiment and traders are looking ahead to tomorrow's jobs report for the month of July.

The benchmark S&P/TSX Composite Index is down 53.19 points or 0.32 percent at 16,323.58.

On Wednesday, the index closed down by 57.24 points or 0.35 percent, at 16,376.77. The index scaled an intraday high of 16,432.17 and a low of 16,328.60.

The Capped Telecommunication Services Index is down 1.01 percent. TELUS (T.TO) is falling 0.90 percent.

BCE Inc. (BCE.TO) is losing 2.24 percent. The company reported revenue of $5,786 million for the second quarter, up 1.7% compared to year-ago quarter.

The Energy Index is falling 0.92 percent. Crude oil prices are rising Thursday, in an attempt to rebound from yesterday's drop after the release of U.S. inventory data.

Suncor Energy (SU.TO) is lower by 1.31 percent and Encana (ECA.TO) is dropping 0.16 percent. Imperial Oil (IMO.TO) is falling 1.10 percent and Canadian Natural Resources (CNQ.TO) is surrendering 2.06 percent. Husky Energy (HSE.TO) is decreasing 0.50 percent and Enbridge (ENB.TO) is losing 0.65 percent.

The heavyweight Financial Index is decreasing 0.64 percent. Royal Bank of Canada (RY.TO) is falling 0.57 percent and Canadian Imperial Bank of Commerce (CM.TO) is slipping 0.09 percent. Toronto-Dominion Bank (TD.TO) is losing 0.53 percent and Bank of Nova Scotia (BNS.TO) is declining 0.64 percent. Bank of Montreal (BMO.TO) is lower by 0.16 percent.

The Capped Healthcare Index is lower by 0.65 percent. ProMetic Life Sciences (PLI.TO) is falling 1.43 percent and Extendicare (EXE.TO) is declining 0.54 percent.

The Gold Index is decreasing 0.40 percent. Gold prices are slipping further Thursday, extending losses from the previous session.

Kinross Gold (K.TO) is declining 3.46 percent and Goldcorp (G.TO) is weakening by 0.31 percent. Yamana Gold (YRI.TO) is down 1.21 percent.

The Capped Information Technology Index is gaining 0.83 percent. Sierra Wireless (SW.TO) is climbing 1.22 percent and Constellation Software (CSU.TO) is up 0.31 percent. BlackBerry (BB.TO) is rising 0.55 percent and Descartes Systems Group (DSG.TO) is adding 0.31 percent.

The Capped Materials Index is up 0.66 percent. Nutrien (NTR.TO) is climbing 4.24 percent.

Bombardier Inc. (BBD-B.TO) reported second-quarter net income of $70 million and $0.02 per share, compared to a loss of $243 million and $0.11 per share in the same quarter last year. The company confirmed that it is on track to achieve its 2018 guidance and 2020 targets. Shares are rising 5.47 percent.

TransCanada Corp. (TRP.TO) announced that it has agreed to sell its 62% share of the Cartier wind power facilities, and its related operating entities, to Innergex Renewable Energy Inc. for about $630 million. The stock is up 0.39 percent.

Gildan Activewear Inc. (GIL.TO) projects adjusted earnings in the range of $1.85 to $1.90 per share, up from the previous guidance range of $1.80 to $1.90 per share. Shares are surging 17.07 percent.

Nuvo Pharmaceuticals Inc. (NRI.TO) reported adjusted EBITDA of $1.9 million on $5.9 million of revenue for the latest quarter and said it finished the quarter with $8.7 million of Cash and no Debt. The stock is soaring 21.38 percent.

SNC-Lavalin Group Inc. (SNC.TO) reported second quarter net income of $83.0 million, or $0.47 per diluted share, compared with $136.4 million, or $0.91 per diluted share, for the corresponding period in 2017. Shares are falling 1.23 percent.

On the economic front, Eurozone producer prices climbed at a faster pace on energy prices in June, figures from Eurostat showed Thursday. Producer prices advanced 3.6 percent annually in June, faster than the 3 percent rise in May. This was also faster than the expected 3.5 percent.

The UK construction sector logged a stronger growth in July underpinned by the fastest increase in residential work for just over two-and-a-half years, survey data from IHS Markit showed Thursday. The IHS Markit/Chartered Institute of Procurement & Supply Purchasing Managers' Index rose unexpectedly to 55.8 in July from 53.1 in the previous month. The score was forecast to fall to 52.8.

A day ahead of the release of the more closely watched monthly jobs report, the Labor Department released a report on Thursday showing first-time claims for U.S. unemployment benefits edged slightly higher in the week ended July 28th.

The report said initial jobless claims inched up to 218,000, an uptick of 1,000 from the previous week's unrevised level of 217,000. Economists had expected jobless claims to rise to 220,000.

In commodities, crude oil futures for August delivery are up 0.39 or 0.58 percent at $68.05 a barrel.

Natural gas for August is up 0.011 or 0.40 percent at $2.769 per million btu.

Gold futures for August are down 3.90 or 0.32 percent at $1,223.70 an ounce.

Silver for September is down 0.027 or 0.17 percent at $15.425 an ounce.

Read the original article on RTTNews (http://www.rttnews.com/2922485/canadian-stocks-are-falling-further-in-early-trade-canadian-commentary.aspx)

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This article appears in: Stocks , World Markets , Politics , Oil
Referenced Symbols: BCE ,

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