Quantcast

Canadian Stocks Are Looking For Direction - Canadian Commentary


Shutterstock photo


(RTTNews.com) - The Canadian stock market is struggling to extend its gains from the previous session. After getting off to a weak start Tuesday, the market has since fluctuated between small gains and losses.

Traders continue to assess the historic summit that took place between U.S. President Trump and North Korean Leader Kim Jong Un and are also looking forward to tomorrow's Fed decision.

Markets in Europe are turning in a mixed performance Tuesday, but remain little changed overall. Traders were disappointed by the weaker than expected German investor confidence data and were in a cautious mood ahead of the Brexit vote in the House of Commons.

Markets on Wall Street are little changed in early trade Tuesday. The summit between President Donald Trump and North Korean leader Kim Jong Un resulted in the signing of a joint statement pledging to work together to "build a lasting and stable peace regime on the Korean Peninsula."

The statement said Kim reaffirmed his firm and unwavering commitment to complete denuclearization of the Korean Peninsula, while Trump committed to provide security guarantees to North Korea.

The benchmark S&P/TSX Composite Index is down 0.63 points or 0.00 percent at 16,262.66.

On Monday, the index closed up by 60.60 points or 0.37 percent, at 16,263.29. The index scaled an intraday high of 16,294.77 and a low of 16,220.46.

The Gold Index is increasing 0.39 percent. Gold prices are nearly flat Tuesday morning as traders assess the historic US-North Korea meeting.

Kinross Gold (K.TO) is rising 2.11 percent and Yamana Gold (YRI.TO) is climbing 0.51 percent. Goldcorp (G.TO) is adding 0.46 percent.

The Capped Information Technology Index is gaining 0.31 percent. BlackBerry (BB.TO) is increasing 0.13 percent and Sierra Wireless (SW.TO) is up 0.38 percent. Descartes Systems Group (DSG.TO) is advancing 0.46 percent.

The Capped Healthcare Index is higher by 0.28 percent. Valeant Pharmaceuticals International (VRX.TO) is rising 0.87 percent and Concordia International (CXR.TO) is adding 1.85 percent.

The Capped Materials Index is up 0.14 percent. Franco-Nevada (FNV.TO) is gaining 0.32 percent and Agnico Eagle Mines (AEM.TO) is adding 0.87 percent. Nutrien (NTR.TO) is climbing 0.41 percent.

The Capped Industrials Index is down 0.22 percent. Canadian National Railway (CNR.TO) is weakening by 0.80 percent and Canadian Pacific Railway (CP.TO) is losing 0.09 percent. WestJet Airlines (WJA.TO) is falling 1.23 percent and Finning International (FTT.TO) is surrendering 1.65 percent.

AutoCanada Inc. (ACQ.TO) has been pressured by investor to undergo strategic review. Shares are declining 1.88 percent.

The heavyweight Financial Index is decreasing 0.07 percent. Royal Bank of Canada (RY.TO) is weakening by 0.17 percent and National Bank of Canada (NA.TO) is decreasing 0.19 percent. Bank of Montreal (BMO.TO) is losing 0.14 percent.

The Energy Index is falling 0.13 percent. Crude oil prices are slightly higher Tuesday morning amid indications that Saudi Arabia is ramping up production.

Suncor Energy (SU.TO) is down 1.60 percent and Imperial Oil (IMO.TO) is decreasing 0.41 percent.

Katanga Mining Ltd.(KAT.TO) provided an update on the legal proceedings disclosed by the Company on April 20, 2018. The stock is falling 0.96 percent.

Corridor Resources Inc.(CDH.TO) says it has suspended exploratory work on the Old Harry project in the Gulf of St. Lawrence. The stock is rising 1.41 percent.

SNC - Lavalin Group (SNC.TO) has signed a contract to design and build a greenfield polyvinyl chloride (PVC) plastics plant near Oman's capital. Shares are rising 0.29 percent.

On the economic front, German investor confidence declined more-than-expected in June to its lowest level in over five-and-a-half years, survey data from the Centre for European Economic Research or ZEW showed Tuesday. The ZEW Indicator of Economic Sentiment for Germany shed 7.9 points in June to stand at minus 16.1 points, the Mannheim-based think tank said. Economists had expected a score of -14.

The UK unemployment rate remained unchanged at the lowest level since 1975, the Office for National Statistics reported Tuesday. The ILO jobless rate remained at 4.2 percent in the three months ended April, but down from 4.6 percent a year ago. This was the joint lowest since 1975.

A report released by the Labor Department on Tuesday showed another modest increase in consumer prices in the U.S. in the month of May. The Labor Department said its consumer price index rose by 0.2 percent in May, matching the increase seen in April as well as economist estimates.

In commodities, crude oil futures for July delivery are up 0.28 or 0.42 percent at $66.38 a barrel.

Natural gas for July is down 0.023 or 0.78 percent at $2.926 per million btu.

Gold futures for August are down 0.79 or 0.06 percent at $1,302.40 an ounce.

Silver for July is down 0.027 or 0.16 percent at $16.925 an ounce.


Read the original article on RTTNews (http://www.rttnews.com/2904255/canadian-stocks-are-looking-for-direction-canadian-commentary.aspx)


For comments and feedback: contact editorial@rttnews.com




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


More from RTT News

Subscribe






See All RTT news









Research Brokers before you trade

Want to trade FX?