(RTTNews.com) - The Canadian stock market is up slightly Thursday morning, largely due to the continued strength of the energy sector. Crude oil prices are rising this morning, despite the unexpected rise in U.S. crude inventories yesterday. Financial stocks are also providing support in early trade, while healthcare stocks are under pressure.
Markets in Europe are turning in a mixed performance Thursday, but remain little changed overall. Early gains quickly evaporated and the markets have settled into a sideways pattern.
Markets on Wall Street are also mixed in early trade. The S&P 500 and the Dow Jones are trading slightly higher Thursday morning, while the tech-heavy Nasdaq is falling.
The benchmark S&P/TSX Composite Index is up 37.97 points or 0.23 percent at 16,221.90.
On Wednesday, the index closed up by 61.68 points or 0.38 percent, at 16,183.93. The index scaled an intraday high of 16,183.93 and a low of 16,072.42.
The Energy Index is rising 1.79 percent. Crude oil prices are higher Thursday morning, even after the EIA reported US crude oil supplies unexpectedly rose by 2.072 mbpd during the week ended on May 25.
Cenovus Energy (CVE.TO) is climbing 1.08 percent and Suncor Energy (SU.TO) is up 1.80 percent. Encana (ECA.TO) is rising 2.15 percent and Canadian Natural Resources (CNQ.TO) is adding 2.24 percent. Crescent Point Energy (CPG.TO) is gaining 1.61 percent and Husky Energy (HSE.TO) is advancing 1.09 percent. Imperial Oil (IMO.TO) is increasing 2.21 percent and Enbridge (ENB.TO) is higher by 0.97 percent.
The heavyweight Financial Index is increasing 0.41 percent. Toronto-Dominion Bank (TD.TO) is gaining 0.30 percent and Royal Bank of Canada (RY.TO) is climbing 0.34 percent. Bank of Nova Scotia (BNS.TO) is up 0.08 percent and Bank of Montreal (BMO.TO) is rising 0.72 percent. National Bank of Canada (NA.TO) is increasing 0.83 percent and Canadian Imperial Bank of Commerce (CM.TO) is adding 0.69 percent.
The Gold Index is increasing 0.27 percent. Gold prices are nearly flat Thursday morning.
Eldorado Gold (ELD.TO) is higher by 0.68 percent and Barrick Gold (ABX.TO) is rising 0.83 percent.
The Capped Healthcare Index is lower by 2.15 percent. Valeant Pharmaceuticals International (VRX.TO) is weakening by 0.55 percent and Extendicare (EXE.TO) is falling 1.05 percent.
The Capped Materials Index is down 0.44 percent. Agnico Eagle Mines (AEM.TO) is falling 0.31 percent and Franco-Nevada (FNV.TO) is losing 0.69 percent. Nutrien (NTR.TO) is dropping 2.39 percent.
Thomson Reuters (TRI.TO) is climbing 3.03 percent after it announced plans to buy back up to an additional $1 billion of its shares under a new repurchase program. The buyback program is in addition to the $500 million repurchase program that the company announced in May 2018.
Brick Brewing Co. (BRB.TO) is up 0.80 percent after it said each of the six nominees listed in the management information circular dated May 4, 2018 were elected as directors of the Company.
Dollarama Inc. (DOL.TO) is declining 5.28 percent after it reported quarterly revenue and same-store sales that missed Wall-Street estimates due to winter weather.
On the economic front, the euro area economy expanded as initially estimated in the first quarter, the latest estimate from Eurostat showed Thursday. Gross domestic product grew 0.4 percent sequentially in the first quarter, slower than the 0.7 percent expansion seen a quarter ago. The rate came in line with the estimate released on May 15.
Germany's factory orders declined unexpectedly in April on weak domestic demand, figures from Destatis revealed Thursday.
Factory orders slid 2.5 percent month-on-month in April, bigger than the revised 1.1 percent decrease seen in March and confounded expectations for an increase of 0.8 percent. This was the fourth consecutive decline in orders.
France's trade deficit remained stable in April, as the increase in exports was offset by that of imports, figures from the Customs Office showed Thursday. The trade deficit came at EUR 5.0 billion in April, unchanged from March. The expected shortfall was EUR 5.1 billion.
UK house prices rebounded at a faster than expected pace in May, data from the Lloyds bank subsidiary Halifax and IHS Markit showed Thursday. House prices grew 1.5 percent month-on-month, reversing a 3.1 percent fall in April. Prices were forecast to rise 1 percent in May.
First-time claims for U.S. unemployment benefits saw a modest decrease in the week ended June 2nd, according to a report released by the Labor Department on Thursday. The Labor Department said initial jobless claims edged down to 222,000, a decrease of 1,000 from the previous week's revised level of 223,000.
Economists had expected jobless claims to rise to 225,000 from the 221,000 originally reported for the previous week.
In commodities, crude oil futures for July delivery are up 0.88 or 1.36 percent at $65.61 a barrel.
Natural gas for July is up 0.059 or 2.04 percent at $2.955 per million btu.
Gold futures for August are up 0.40 or 0.03 percent at $1,301.80 an ounce.
Silver for July is up 0.146 or 0.87 percent at $16.84 an ounce.
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