Canadian Stocks Are Off Their Early Lows - Canadian Commentary

Shutterstock photo

(RTTNews.com) - The Canadian stock market got off to a weak start Tuesday, but have since pared their early losses. Commodity prices have been sluggish this morning, which has weighed on shares of energy and gold stocks in early trade.

The majority of the European markets are trading in the red Tuesday. Markets dropped during the first few hours of trade, but have begun to pare their losses following the early recovery on Wall Street.

Markets on Wall Street opened in the red Tuesday, but have since traded steadily to the upside. The markets have erased their early losses and have inched into positive territory.

The benchmark S&P/TSX Composite Index is down 14.33 points or 0.09 percent at 16,042.76.

On Monday, the index closed down by 33.18 points or 0.21 percent, at 16,057.09. The index scaled an intraday high of 16,147.13 and a low of 16,057.09.

The Gold Index is decreasing 0.93 percent. Yamana Gold (YRI.TO) is declining 0.96 percent and Goldcorp (G.TO) is weakening 0.38 percent. Barrick Gold (ABX.TO) is lower by 0.31 percent and Kinross Gold (K.TO) is losing 0.56 percent. Eldorado Gold (ELD.TO) is down 2.70 percent and B2Gold (BTO.TO) is surrendering 1.37 percent. IAMGOLD (IMG.TO) is slipping 0.21 percent.

The Energy Index is falling 0.78 percent. Suncor Energy (SU.TO) is lower by 1.03 percent and Imperial Oil (IMO.TO) is weakening by 0.72 percent. Canadian Natural Resources (CNQ.TO) is declining 1.80 percent and Cenovus Energy (CVE.TO) is losing 1.27 percent.

The Capped Materials Index is down 0.57 percent. Franco-Nevada (FNV.TO) is decreasing 1.20 percent and Agnico Eagle Mines (AEM.TO) is dipping 0.07 percent.

The heavyweight Financial Index is decreasing 0.11 percent. Bank of Montreal (BMO.TO) is lower by 0.77 percent and Toronto-Dominion Bank (TD.TO) is dipping 0.26 percent. National Bank of Canada (NA.TO) is falling 0.11 percent.

The Capped Information Technology Index is gaining 0.51 percent. Descartes Systems Group (DSG.TO) is climbing 0.97 percent and BlackBerry (BB.TO) is rising 0.99 percent. Sierra Wireless (SW.TO) is increasing 1.57 percent.

The Capped Industrials Index is up 0.46 percent. Canadian Pacific Railway (CP.TO) is gaining 1.50 percent and Canadian National Railway (CNR.TO) is climbing 0.41 percent. Air Canada (AC.TO) is rising 0.78 percent and WestJet Airlines (WJA.TO) is adding 1.20 percent. Finning International (FTT.TO) is higher by 0.37 percent.

Hudson's Bay Co. (HBC.TO) announced that it has formed a strategic partnership for its European retail and real estate assets, with Austria-based Signa Retail Holdings. The stock is climbing 5.84 percent.

Centric Health Corporation (CHH.TO) announced today that it has bagged a new contract to service over 900 new beds with a multi-site regional operator. Shares are falling 4.41 percent.

On the economic front, a report from Canada Mortgage and Housing this morning showed that housing starts fell to an annualized rate of 200,986 units in August. Economists had expected a rate of 210,300 units.

Eurozone employment increased at a steady pace in the second quarter, data from Eurostat showed Tuesday. Employment increased 0.4 percent sequentially in the second quarter, the same rate as seen in the first quarter. The annual growth also remained unchanged, at 1.5 percent.

German economic sentiment improved more-than-expected to a four-month high in September, despite trade war fears, survey data from the Centre for European Economic Research, or ZEW, showed Tuesday.

The economic sentiment indicator climbed to -10.6 from -13.7 in August, the Mannheim-based think tank said. Economists had expected a moderate improvement to -13.5. The score was the highest since May.

France's payroll employment increased slightly in the second quarter, data from the statistical office Insee showed Tuesday. Net payroll job creation rose 12,500 in the second quarter or zero percent, after rising 47,500 in the previous quarter.

The UK unemployment rate remained unchanged at the lowest since 1975 and wages growth exceeded expectations amid record vacancies, data from the Office for National Statistics showed Tuesday.

The unemployment rate came in at 4 percent in three months to July, according to labor force survey. This was the lowest rate since February 1975 and in line with economists' expectations.

At the same time, the employment rate rose to 75.5 percent in the three months to July from 75.3 percent in the previous year.

Data showed that average earnings including bonuses grew 2.6 percent annually, faster than the expected 2.5 percent.

In commodities, crude oil futures for October delivery are up 0.59 or 0.87 percent at $68.13 a barrel.

Natural gas for October is down 0.014 or 0.50 percent at $2.79 per million btu.

Gold futures for December are down 2.90 or 0.24 percent at $1,196.90 an ounce.

Silver for December is down 0.086 or 0.61 percent at $14.095 an ounce.

Read the original article on RTTNews (http://www.rttnews.com/2933861/canadian-stocks-are-off-their-early-lows-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 ,

More from RTT News


See All RTT news

Research Brokers before you trade

Want to trade FX?