(RTTNews.com) - The Canadian stock market got off to a positive start Monday, but has since pared its early gains. Industrial stocks are leading the way higher this morning, while consumer staples and utilities are struggling.
Markets in Europe are up slightly in early trade Monday. Investors were encouraged by positive data releases from Germany and France.
Markets on Wall Street are up modestly at the start of the new trading week. With little happening on the U.S. economic front, traders continue to react positively to the better than expected jobs report at the end of the prior trading week.
The benchmark S&P/TSX Composite Index is up 29.19 points or 0.18 percent at 16,400.97.
On Friday, the index closed up by 105.17 points or 0.65 percent, at 16,371.78. The index scaled an intraday high of 16,330.87 and a low of 16,235.58.
The Capped Industrials Index is up 0.91 percent. Canadian Pacific Railway (CP.TO) is gaining 1.76 percent and Canadian National Railway (CNR.TO) is rising 1.81 percent. Finning International (FTT.TO) is climbing 0.82 percent and Bombardier (BBD-B.TO) is adding 1.37 percent.
WestJet Airlines (WJA.TO) is advancing 0.22 percent after its June load factor increased 83.6 percent year over year.
The Capped Healthcare Index is higher by 0.48 percent. Valeant Pharmaceuticals International (VRX.TO) is rising 3.93 percent and Concordia International (CXR.TO) is climbing 3.85 percent. Extendicare (EXE.TO) is up 0.41 percent and ProMetic Life Sciences (PLI.TO) is adding 1.82 percent.
The Capped Materials Index is up 0.36 percent. Nutrien (NTR.TO) is rising 0.42 percent.
The Energy Index is rising 0.30 percent. Crude oil prices have fallen to around $73 a barrel Monday morning.
Cenovus Energy (CVE.TO) is rising 1.91percent and Canadian Natural Resources (CNQ.TO) is adding 0.10 percent. Husky Energy (HSE.TO) is climbing 0.64 percent and Crescent Point Energy (CPG.TO) is gaining 0.82 percent. Encana (ECA.TO) is up 0.06 percent.
The heavyweight Financial Index is increasing 0.14 percent. Royal Bank of Canada (RY.TO) is gaining 0.29 percent and Bank of Montreal (BMO.TO) is higher by 0.25 percent. National Bank of Canada (NA.TO) is rising 0.74 percent and Bank of Nova Scotia (BNS.TO) is adding 0.20 percent. Canadian Imperial Bank of Commerce (CM.TO) is up 0.50 percent and Toronto-Dominion Bank (TD.TO) is advancing 0.36 percent.
The Gold Index is increasing 0.04 percent. Gold prices are rising Monday morning, continuing to pare recent losses.
Eldorado Gold (ELD.TO) is gaining 1.47 percent and IAMGOLD (IMG.TO) is adding 0.13 percent. Yamana Gold (YRI.TO) is advancing 1.98 percent and IAMGOLD (IMG.TO) is up 0.13 percent.
Barrick Gold Corp. ( ABX.TO) is higher by 0.11 percent. The company said that it reached an enhanced strategic cooperation agreement with Shandong Gold Group Co. Ltd., deepening Barrick's partnership with one of China's leading mining companies.
The document builds on an earlier agreement signed between the two companies in April 2017, when Shandong Gold Mining Co., Ltd., acquired 50 percent of Barrick's Veladero mine in Argentina.
Centamin Plc (CEE.TO) is sinking 7.58 percent after it announced preliminary production results for the second quarter from its Sukari Gold Mine in Egypt.
Gold production for the second quarter was 92,803 ounces, a 25% reduction year on year, reflecting the lower open pit grades as mining progresses through the transitional zone and below forecast underground grades.
The Capped Telecommunication Services Index is down 0.40 percent. BCE (BCE.TO) is losing 0.07 percent and TELUS (T.TO) is falling 0.51 percent. Rogers Communications (RCI-B.TO) is declining 0.58 percent.
On the economic front, Eurozone investor sentiment improved in July after a sharp slide in June, survey data from think tank Sentix showed Monday. The investor confidence index rose unexpectedly to 12.1 in July from 9.3 in June. The expected score was 9.0.
German exports rebounded from April despite trade war disputes, but imports growth weakened in May.
Exports grew by a more-than-expected 1.8 percent on a monthly basis in May, reversing a 0.3 percent drop in April, figures from Destatis showed Monday. Shipments were expected to gain 0.7 percent.
Meanwhile, imports rose at a slower pace of 0.7 percent after climbing 2.6 percent in the previous month. Nonetheless, this was the second consecutive rise and confounded economists' expectations for a 0.5 percent fall.
Consequently, the trade surplus rose to a seasonally adjusted EUR 20.3 billion in May from EUR 19 billion in April.
In commodities, crude oil futures for August delivery are down 0.68 or 0.92 percent at $73.12 a barrel.
Natural gas for August is down 0.025 or 0.87 percent at $2.833 per million btu.
Gold futures for August are up 7.79 or 0.62 percent at $1,263.60 an ounce.
Silver for September is up 0.156 or 0.97 percent at $16.225 an ounce.
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