Canadian Stocks Are Rebounding On Energy Strength - Canadian Commentary

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(RTTNews.com) - The Canadian stock market is up modestly Tuesday morning, as it attempts to recover from yesterday's sharp sell-off. Energy stocks are leading the way higher this morning, as crude oil prices continue to climb. Meanwhile, gold stocks are struggling as the price of the precious metal falls.

Markets in Europe have been stuck in a sideways pattern throughout Tuesday's session and are turning in a mixed performance.

Markets on Wall Street are up slightly in early trade Tuesday, attempting to recover after yesterday's sell-off.

The benchmark S&P/TSX Composite Index is up 57.47 points or 0.36 percent at 16,241.43.

On Monday, the index closed down by 266.18 points or 1.62 percent, at 16,183.96. The index scaled an intraday high of 16,489.46 and a low of 16,438.13.

The Energy Index is rising 1.17 percent. Crude oil prices have risen above $68 a barrel Tuesday morning.

Crescent Point Energy (CPG.TO) is climbing 0.21 percent and Cenovus Energy (CVE.TO) is rising 0.93 percent. Encana (ECA.TO) is advancing 0.91 percent and Suncor Energy (SU.TO) is increasing 1.65 percent. Husky Energy (HSE.TO) is up 1.62 percent and Canadian Natural Resources (CNQ.TO) is gaining 2.15 percent. Imperial Oil (IMO.TO) is higher by 1.61 percent and Enbridge (ENB.TO) is adding 28 percent.

The Capped Telecommunication Services Index is up 0.78 percent. BCE (BCE.TO) is gaining 1.61 percent and TELUS (T.TO) is rising 1.34 percent. Rogers Communications (RCI-B.TO) is advancing 0.84 percent.

The Capped Information Technology Index is gaining 0.71 percent. Constellation Software (CSU.TO) is rising 0.86 percent and Descartes Systems Group (DSG.TO) is up 0.55 percent. Sierra Wireless (SW.TO) is increasing 0.28 percent.

The Capped Materials Index is up 0.18 percent. Franco-Nevada (FNV.TO) is gaining 0.89 percent and Nutrien (NTR.TO) is rising 1.49 percent.

The heavyweight Financial Index is increasing 0.17 percent. Toronto-Dominion Bank (TD.TO) is advancing 0.29 percent and Royal Bank of Canada (RY.TO) is adding 0.04 percent. Canadian Imperial Bank of Commerce (CM.TO) is rising 0.20 percent.

The Capped Healthcare Index is lower by 2.18 percent. Valeant Pharmaceuticals International (VRX.TO) is falling 1.69 percent and Extendicare (EXE.TO) is down 0.13 percent.

The Gold Index is decreasing 0.59 percent. Gold prices have dropped to around $1260 an ounce Tuesday morning.

B2Gold (BTO.TO) is decreasing 0.15 percent and Kinross Gold (K.TO) is falling 0.20 percent. Goldcorp (G.TO) is down 1.01 percent and Eldorado Gold (ELD.TO) is weakening by 0.70 percent. Barrick Gold (ABX.TO) is down 1.99 percent and Yamana Gold (YRI.TO) is declining 1.54 percent.

On the economic front, UK mortgage approvals increased to a four-month high in May, data from UK Finance showed Tuesday. The number of mortgage approvals increased to 39,244 in May from 38,327 in April. This was the highest since January and above the expected level of 38,250.

Reflecting a deterioration in expectations, the Conference Board released a report on Tuesday showing an unexpected decline in U.S. consumer confidence in the month of June.

The Conference Board said its consumer confidence index fell to 126.4 in June from a revised 128.8 in May. Economists had expected the index to inched up to 128.1 from the 128.0 originally reported for the previous month.

In commodities, crude oil futures for July delivery are up 0.48 or 0.71 percent at $68.56 a barrel.

Natural gas for July is down 0.012 or 0.41 percent at $2.911 per million btu.

Gold futures for August are down 8.30 or 0.65 percent at $1,260.60 an ounce.

Silver for July is down 0.053 or 0.32 percent at $16.275 an ounce.

Read the original article on RTTNews (http://www.rttnews.com/2908503/canadian-stocks-are-rebounding-on-energy-strength-canadian-commentary.aspx)

For comments and feedback: contact editorial@rttnews.com

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

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