Canadian Stocks Are Rising Along With Commodity Prices - Canadian Commentary

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(RTTNews.com) - The Canadian stock market is up in early trade Tuesday. Rising commodity prices have provided a boost to gold and energy stocks following the long holiday weekend.

Markets in Europe are trading in positive territory Tuesday. German Chancellor Angela Merkel reached a deal with her interior minister over the migration policy, helping avert a political crisis in the country.

Markets on Wall Street are inching higher in early trade Tuesday. Trading activity is rather subdued as the markets are due to close earlier than normal ahead of the July 4th holiday.

The benchmark S&P/TSX Composite Index is up 26.09 points or 0.16 percent at 16,303.82.

On Friday, the index closed up by 97.84 points or 0.60 percent, at 16,277.73. The index scaled an intraday high of 16,304.31 and a low of 16,229.95.

The Gold Index is increasing 1.38 percent. Gold prices are rising Tuesday morning after it fell to its lowest level since last December.

Barrick Gold (ABX.TO) is up 2.49 percent and Goldcorp (G.TO) is higher by 1.61 percent. Kinross Gold (K.TO) is rising 2.32 percent and Yamana Gold (YRI.TO) is adding 1.31 percent. IAMGOLD (IMG.TO) is advancing 2.48 percent.

The Capped Information Technology Index is gaining 1.30 percent. Constellation Software (CSU.TO) is climbing 0.22 percent and BlackBerry (BB.TO) is rising 3.63 percent. Sierra Wireless (SW.TO) is up 1.38 percent.

The Capped Healthcare Index is higher by 1.32 percent. Valeant Pharmaceuticals International (VRX.TO) is rising 0.13 percent.

The Capped Materials Index is up 0.53 percent. Franco-Nevada (FNV.TO) is gaining 0.73 percent and Agnico Eagle Mines (AEM.TO) is climbing 0.88 percent. Nutrien (NTR.TO) is rising 0.01 percent.

The Energy Index is rising 0.50 percent. Crude oil prices continue to rise Tuesday, nearing the $75 a barrel mark for the first time since 2014.

Crescent Point Energy (CPG.TO) is climbing 1.66 percent and Cenovus Energy (CVE.TO) is rising 2.27 percent. Suncor Energy (SU.TO) is increasing 0.84 percent and Canadian Natural Resources (CNQ.TO) is gaining 0.19 percent.

The heavyweight Financial Index is increasing 0.17 percent. Royal Bank of Canada (RY.TO) is gaining 0.22 percent and Canadian Imperial Bank of Commerce (CM.TO) is rising 0.07 percent. Bank of Montreal (BMO.TO) is higher by 0.48 percent.

On the economic front, Eurozone retail sales remained unchanged in May as the increase in food sales was offset by a decline in non-food products turnover, data from Eurostat showed Tuesday. Sales were expected to gain 0.1 percent, reversing a 0.1 percent fall logged in April.

Eurozone producer price inflation accelerated in May to the highest level in twelve months, Eurostat reported Tuesday. Industrial producer prices climbed 3.0 percent year-over-year in May, faster than the 1.9 percent rise in April.

The UK construction output grew at the fastest pace in seven months in June, survey data from IHS Markit and Chartered Institute of Procurement & Supply showed Tuesday.

The construction Purchasing Managers' Index rose to 53.1 in June from 52.5 in May. The latest reading pointed to the sharpest rise in construction output since November 2017.

In commodities, crude oil futures for August delivery are up 0.26 or 0.35 percent at $74.20 a barrel.

Natural gas for August is up 0.01 or 0.35 percent at $2.872 per million btu.

Gold futures for August are up 12.50 or 1.01 percent at $1,254.20 an ounce.

Silver for September is up 0.23 or 1.45 percent at $16.065 an ounce.

Read the original article on RTTNews (http://www.rttnews.com/2910719/canadian-stocks-are-rising-along-with-commodity-prices-canadian-commentary.aspx)

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

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