Canadian Stocks Are Inching Higher On Trade Deal Hopes - Canadian Commentary

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(RTTNews.com) - The Canadian stock market is up slightly in early trade Monday. Early gains were fueled by optimism about a potential U.S.-China trade deal following comments from President Donald Trump.

In a post on Twitter on Saturday, Trump he had a "long and very good" telephone call with Chinese President Xi Jinping.

"Deal is moving along very well," Trump tweeted. "If made, it will be very comprehensive, covering all subjects, areas and points of dispute. Big progress being made!"

However, the pullback in commodity prices this morning is limiting the upside on Bay Street.

The majority of the European markets are trading to the upside Monday. Markets in Germany, the Nordics and Switzerland closed for holidays. The Italian parliament has approved the government's 2019 budget after reaching a truce with Brussels.

Markets on Wall Street opened higher this morning, but have since pared their early gains. The lack of U.S. economic data is keeping some investors on the sidelines and many traders are away from their desks ahead of tomorrow's New Year's Day holiday.

The benchmark S&P/TSX Composite Index is up 25.10 points or 0.18 percent at 14,247.10.

On Friday, the index closed up by 56.79 points or 0.40 percent, at 14,222.00. The index scaled an intraday high of 14,326.86 and a low of 14,174.04.

The Capped Information Technology Index is gaining 1.24 percent. Constellation Software (CSU.TO) is rising 0.86 percent and Descartes Systems Group (DSG.TO) is adding 0.47 percent.

The Capped Industrials Index is up 0.84 percent. Canadian Pacific Railway (CP.TO) is higher by 1.33 percent and Canadian National Railway (CNR.TO) is advancing 0.46 percent. WestJet Airlines (WJA.TO) is climbing 1.93 percent and Air Canada (AC.TO) is adding 2.65 percent. Bombardier (BBD-B.TO) is gaining 0.50 percent and Finning International (FTT.TO) is rising 2.17 percent.

The heavyweight Financial Index is increasing 0.42 percent. National Bank of Canada (NA.TO) is rising 0.52 percent and Toronto-Dominion Bank (TD.TO) is gaining 0.40 percent. Bank of Montreal (BMO.TO) is climbing 0.47 percent and Royal Bank of Canada (RY.TO) is up 0.59 percent. Canadian Imperial Bank of Commerce (CM.TO) is advancing 0.10 percent and Bank of Nova Scotia (BNS.TO) is higher by 0.06 percent.

The Energy Index is rising 0.14 percent. Cenovus Energy (CVE.TO) is increasing 1.71 percent and Suncor Energy (SU.TO) is gaining 0.29 percent.

The Gold Index is decreasing 0.48 percent. Kinross Gold (K.TO) is down 1.38 percent and Goldcorp (G.TO) is falling 1.06 percent. B2Gold (BTO.TO) is weakening 1.27 percent and IAMGOLD (IMG.TO) is surrendering 2.23 percent. Yamana Gold (YRI.TO) is lower by 1.27 percent.

The Capped Materials Index is down 0.29 percent. Agnico Eagle Mines (AEM.TO) is weakening 1.04 percent and Franco-Nevada (FNV.TO) is losing 0.96 percent.

Buhler Industries (BUI.TO) is rising 3.11 percent after it reported full-year net loss of $49.5 million, compared to net income of $0.5 million income in the prior year.

Canada Goose Holdings Inc. is climbing 5.33 percent after the company opened its flagship store in Beijing over the weekend, after a delay of about two weeks. The delay was due to escalating tensions between Canada and China following the arrest of Huawei Technologies Co.'s chief financial officer in Vancouver.

On the economic front, the manufacturing sector in China fell into contraction in December, the latest survey from the National Bureau of Statistics said on Monday with a PMI score of 49.4. That's down from the no-change mark 50.0 in November, falling beneath that mark and into contraction. A score above 50 signals expansion.

In commodities, crude oil futures for January delivery are down 0.25 or 0.55 percent at $45.08 a barrel.

Natural gas for January is down 0.213 or 6.45 percent at $3.09 per million btu.

Gold futures for February are down 0.190 or 0.15 percent at $1,281.10 an ounce.

Silver for January is down 0.016 or 0.10 percent at $15.42 an ounce.

Read the original article on RTTNews (http://www.rttnews.com/2966066/canadian-stocks-are-inching-higher-on-trade-deal-hopes-canadian-commentary.aspx)

For comments and feedback: contact editorial@rttnews.com

This article appears in: World Markets , 401k , Insurance , Banking and Loans , Oil , Retirement
Referenced Symbols: AEM ,

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