Quantcast

Canadian Stocks Are Pulling Back On Energy Weakness - Canadian Commentary


Shutterstock photo


(RTTNews.com) - The Canadian stock market is trading modestly to the downside Monday morning. Traders are in a cautious mood at the start of the trading week due to uncertainty surrounding U.S. trade talks with China, as well as uncertainty regarding Brexit negotiations. A pullback in crude oil prices is also weighing on shares of energy stocks this morning.

After a positive start to the day, the majority of the European markets have slipped into negative territory. The early gains were fueled by comments from U.S. President Trump, which raised hopes for a trade deal with China. However, the markets turned lower after the weak open on Wall Street.

Markets on Wall Street have been losing ground since the open Monday. At the Asia Pacific Economic Cooperation summit on Saturday, Vice President Mike Pence said the U.S. would not back down until China changes its ways. The weak performance by shares of tech giant Apple is also weighing on sentiment at the start of the trading week.

The benchmark S&P/TSX Composite Index is down 56.33 points or 0.37 percent at 15,099.17.

On Friday, the index closed up by 10.62 points or percent, at 15,155.50. The index scaled an intraday high of 15,170.29 and a low of 15,082.92.

The Capped Information Technology Index is losing 1.27 percent. Constellation Software (CSU.TO) is down 0.98 percent and Descartes Systems Group (DSG.TO) is surrendering 2.11 percent. BlackBerry (BB.TO) is falling 0.08 percent and Sierra Wireless (SW.TO) is lower by 0.60 percent.

The Energy Index is falling 0.90 percent. Imperial Oil (IMO.TO) is losing 1.02 percent and Husky Energy (HSE.TO) is declining 2.35 percent. Suncor Energy (SU.TO) is down 1.42 percent and Encana (ECA.TO) is lower by 0.80 percent. Canadian Natural Resources (CNQ.TO) is weakening by 0.81 percent and Crescent Point Energy (CPG.TO) is surrendering 2.80 percent. Cenovus Energy (CVE.TO) is decreasing 2.81 percent.

The heavyweight Financial Index is decreasing 0.53 percent. Bank of Nova Scotia (BNS.TO) is losing 0.31 percent and Royal Bank of Canada (RY.TO) is down 0.63 percent. Toronto-Dominion Bank (TD.TO) is declining 0.61 percent and Bank of Montreal (BMO.TO) is falling 0.49 percent. Canadian Imperial Bank of Commerce (CM.TO) is surrendering 0.47 percent and National Bank of Canada (NA.TO) is weakening by 0.68 percent.

The Gold Index is increasing 1.08 percent. Goldcorp (G.TO) is climbing 0.56 percent and Barrick Gold (ABX.TO) is rising 1.34 percent. IAMGOLD (IMG.TO) is up 1.66 percent and Yamana Gold (YRI.TO) is higher by 0.88 percent. Kinross Gold (K.TO) is adding 2.06 percent and B2Gold (BTO.TO) is advancing 0.87 percent.

The Capped Industrials Index is up 0.42 percent. Bombardier (BBD-B.TO) is increasing 25.15 percent and Finning International (FTT.TO) is gaining 1.69 percent.

The Capped Telecommunication Services Index is up 0.24 percent. TELUS (T.TO) is rising 0.58 percent and BCE (BCE.TO) is higher by 0.40 percent.

Thomson Reuters Corporation (TRI.TO) is falling 0.42 percent. The company announced on Friday that it has completed the acquisition of Integration Point, an international leader in global trade management operations. Thomson Reuters had reached a definitive agreement to acquire Integration Point on October 23.

On the economic front, Eurozone's current account surplus decreased in September, figures from the European Central Bank showed on Monday. The current account surplus fell to EUR 17 billion from EUR 24 billion in August. In the same month last year, the surplus was EUR 40 billion.

Eurozone construction output increased in September after declining in the previous month, but the pace of growth nearly halved sequentially in the third quarter, figures from Eurostat showed on Monday. Construction output grew 2 percent from August, when it declined 0.6 percent, revised from 0.5 percent.

UK house prices declined sharply in November at the fastest monthly pace in seven years, figures from the property market data website Rightmove showed on Monday. Average asking prices dropped GBP 5,222 or 1.7 percent month-on-month to GBP 302,023 in November. That was biggest November drop since 2012, Rightmove said.

In commodities, crude oil futures for December delivery are down 0.91 or 1.61 percent at $55.55 a barrel.

Natural gas for December is up 0.20 or 4.68 percent at $4.472 per million btu.

Gold futures for December are up 0.70 or 0.06 percent at $1,223.70 an ounce.

Silver for December is up 0.023 or 0.16 percent at $14.405 an ounce.


Read the original article on RTTNews (http://www.rttnews.com/2956284/canadian-stocks-are-pulling-back-on-energy-weakness-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

Subscribe






See All RTT news











Research Brokers before you trade

Want to trade FX?