(RTTNews.com) - The Canadian stock market is gaining ground in early trade Tuesday, following yesterday's modest pullback. Equity markets around the globe are on the rise as investors react to some positive corporate earnings. Energy and gold stocks are leading the way higher this morning as commodity prices rise.
Markets in Europe are trading solidly in positive territory Tuesday. Banks and mining stocks are leading the way higher as bond yields rise on speculation of a shift in BoJ policy and copper prices rebounded on concerns over possible disruptions to supply.
Markets on Wall Street are climbing in early trade Tuesday. A positive reaction to the latest batch of earnings news from big-name companies like Google parent Alphabet (GOOGL) is driving markets higher this morning.
The benchmark S&P/TSX Composite Index is up 74.81 points or 0.46 percent at 16,495.65.
On Monday, the index closed down by 14.62 points or 0.09 percent, at 16,420.84. The index scaled an intraday high of 16,444.45 and a low of 16,389.35.
The Energy Index is rising 1.25 percent. Oil prices are rising Tuesday morning as the threat of military conflict between the United States and Iran outweighed worries over supply and global demand.
Canadian Natural Resources (CNQ.TO) is gaining 1.91 percent and Crescent Point Energy (CPG.TO) is up 1.69 percent. Encana (ECA.TO) is rising 1.78 percent and Enbridge (ENB.TO) is adding 0.35 percent. Imperial Oil (IMO.TO) is advancing 1.06 percent and Cenovus Energy (CVE.TO) is climbing 1.12 percent. Suncor Energy (SU.TO) is higher by 1.44 percent and Husky Energy (HSE.TO) is increasing 1.31 percent.
The Capped Materials Index is up 1.17 percent. Agnico Eagle Mines (AEM.TO) is higher by 0.81 percent and Nutrien (NTR.TO) is climbing 0.63 percent.
The Gold Index is increasing 0.68 percent. Gold prices are inching higher Tuesday, after recovering from early losses.
IAMGOLD (IMG.TO) is up 0.80 percent and Yamana Gold (ELD.TO) is gaining 0.54 percent. Goldcorp (G.TO) is climbing 0.75 percent and Kinross Gold (K.TO) is advancing 1.15 percent. Barrick Gold (ABX.TO) is rising 0.84 percent and Eldorado Gold (ELD.TO) is higher by 1.34 percent.
The heavyweight Financial Index is increasing 0.49 percent. Toronto-Dominion Bank (TD.TO) is gaining 0.50 percent and National Bank of Canada (NA.TO) is up 0.49 percent. Bank of Nova Scotia (BNS.TO) is advancing 0.54 percent and Royal Bank of Canada (RY.TO) is rising 0.45 percent. Bank of Montreal (BMO.TO) is climbing 0.29 percent and Canadian Imperial Bank of Commerce (CM.TO) is adding 0.33 percent.
The Capped Information Technology Index is gaining 0.38 percent. BlackBerry (BB.TO) is rising 0.07 percent.
The Capped Healthcare Index is lower by 0.92 percent. ProMetic Life Sciences (PLI.TO) is down 1.28 percent.
Gear Energy Ltd. (GXE.TO) has announced that it has entered into a definitive agreement to acquire Steppe Resources Inc., a private oil and gas company. Shares are rising 3.70 percent.
Aecon Group Inc. (ARE.TO) announced that its Board of Directors has appointed Jean-Louis Servranckx as the Company's President and Chief Executive Officer, effective September 4, 2018. The stock is gaining 0.59 percent.
On the economic front, Eurozone private sector activity growth weakened in July, flash survey results from IHS Markit revealed Tuesday. The composite output index dropped to 54.3 in July from 54.9 in June. The score was expected to fall slightly to 54.8.
Germany's private sector activity expanded at the fastest pace in five months in July driven by a stronger increase in manufacturing output, flash data from IHS Markit showed Tuesday. The composite output index climbed to 55.2 from 54.8 in June. The score was expected to remain at 54.8. The pace of expansion was the fastest since February.
France's private sector expanded at a slower pace in July, flash data from IHS Markit showed Tuesday. The composite output index dropped to 54.5 from 55.0 in June. The score was forecast to fall slightly to 54.9 but it remained above the neutral 50.0 mark for a twenty-fifth month in a row.
France's manufacturing confidence weakened for the second straight month in July, though slightly, survey data from the statistical office Insee showed Tuesday. The manufacturing confidence dropped to 108.0 in July from 109.0 in June, which was revised down from 110. Meanwhile, the index was expected to remain stable at 110.0.
In commodities, crude oil futures for August delivery are up 0.83 or 1.22 percent at $68.72 a barrel.
Natural gas for August is up 0.02 or 0.74 percent at $2.741 per million btu.
Gold futures for August are up 3.10 or 0.25 percent at $1,228.70 an ounce.
Silver for September is up 0.16 or 1.04 percent at $15.585 an ounce.
Read the original article on RTTNews (http://www.rttnews.com/2917160/canadian-stocks-are-rising-as-commodity-prices-climb-canadian-commentary.aspx)
For comments and feedback: contact email@example.com