Canadian Stocks Are Rising On Energy Strength - Canadian Commentary

Shutterstock photo

(RTTNews.com) - The Canadian stock market is climbing in early trade Monday. The strong performance of the energy sectors is helping to drive the market higher, as crude oil prices have risen above $70 a barrel.

Markets in Europe are rising Monday as investors have reacted positively to the latest batch of corporate earnings. Investors were also pleased by Nestle's deal with Starbucks, which will also the company to sell the coffee giant's products globally.

Markets on Wall Street are climbed at the start of the new trading week, extending the gains from the end of the prior week. U.S. economic news will be on the light side this week following the large number of reports released last week.

The benchmark S&P/TSX Composite Index is up 104.23 points or 0.66 percent at 15,833.63.

On Friday, the index closed up 107.93 points or 0.69 percent, at 15,729.40. The index scaled an intraday high of 15,752.45 and a low of 15,600.23.

The Energy Index is rising 2.28 percent. Crude oil prices are rising Monday morning and have climbed above $70 a barrel.

Encana (ECA.TO) is higher by 4.20 percent and Crescent Point Energy (CPG.TO) is advancing 3.14 percent. Cenovus Energy (CVE.TO) is rising 4.69 percent and Enbridge (ENB.TO) is gaining 0.84 percent. Canadian Natural Resources (CNQ.TO) is increasing 1.75 percent and Suncor Energy (SU.TO) is adding 1.19 percent. Husky Energy (HSE.TO) is climbing 2.02 percent and Imperial Oil (IMO.TO) is up 2.38 percent.

The Capped Healthcare Index is higher by 0.95 percent. Valeant Pharmaceuticals International (VRX.TO) is climbing 1.98 percent and Extendicare (EXE.TO) is up 0.25 percent. Concordia International (CXR.TO) is gaining 4.48 percent.

The Capped Information Technology Index is gaining 0.93 percent. BlackBerry (BB.TO) is increasing 2.08 percent and Sierra Wireless (SW.TO) is rising 1.76 percent. Constellation Software (CSU.TO) is climbing 1.17 percent and Descartes Systems Group (DSG.TO) is adding 0.53 percent.

The Capped Materials Index is up 0.74 percent. Franco-Nevada (FNV.TO) is rising 0.94 percent and Agnico Eagle Mines (AEM.TO) is adding 0.53 percent.

The Capped Industrials Index is up 0.76 percent. Canadian Pacific Railway (CP.TO) is increasing 1.10 percent and Canadian National Railway (CNR.TO) is climbing 0.85 percent. WestJet Airlines (WJA.TO) is advancing 0.22 percent and Air Canada (AC.TO) is adding 0.12 percent. Finning International (FTT.TO) is gaining 1.27 percent and Bombardier (BBD-B.TO) is rising 3.28 percent.

The Gold Index is increasing 0.49 percent. Gold prices are nearly flat Monday morning, trading just below $1315 an ounce.

Yamana Gold (YRI.TO) is advancing 1.06 percent and Barrick Gold (ABX.TO) is adding 0.06 percent. Kinross Gold (K.TO) is climbing 0.77 percent and Goldcorp (G.TO) is rising 0.52 percent. IAMGOLD (IMG.TO) is gaining 1.52 percent and Eldorado Gold (ELD.TO) is higher by 1.16 percent. B2Gold (BTO.TO) is up 0.68 percent.

The heavyweight Financial Index is increasing 0.38 percent. Bank of Montreal (BMO.TO) is gaining 0.39 percent and Royal Bank of Canada (RY.TO) is advancing 0.56 percent. National Bank of Canada (NA.TO) is climbing 0.37 percent and Toronto-Dominion Bank (TD.TO) is adding 0.66 percent. Bank of Nova Scotia (BNS.TO) is rising 0.46 percent and Canadian Imperial Bank of Commerce (CM.TO) is adding 0.39 percent.

On the economic front, Eurozone investor confidence weakened for the fourth straight month in May, survey data from think tank Sentix showed Monday. The investor sentiment index fell unexpectedly to 19.2 in May from 19.6 in April. The score was forecast to rise to 22.4.

Germany's factory orders declined unexpectedly in March on weak foreign demand, figures from Destatis revealed Monday. Factory orders dropped 0.9 percent month-on-month in March, bigger than the revised 0.2 percent decrease in February. Orders were expected to climb 0.5 percent after falling for three straight months.

Germany's construction activity returned to growth in April after severe weather had caused disruption to building work at the end of the first quarter, survey data from IHS Markit showed Monday. The construction Purchasing Managers' Index rose to 50.9 in April from 47.0 in March.

In commodities, crude oil futures for June delivery are up 0.74 or 1.06 percent at $70.46 a barrel.

Natural gas for June is up 0.043 or 1.59 percent at $2.754 per million btu.

Gold futures for June are down 0.70 or 0.05 percent at $1,314.00 an ounce.

Silver for July is down 0.014 or 0.08 percent at $16.505 an ounce.

Read the original article on RTTNews (http://www.rttnews.com/2891672/canadian-stocks-are-rising-on-energy-strength-canadian-commentary.aspx)

For comments and feedback: contact editorial@rttnews.com

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

More from RTT News


See All RTT news

Research Brokers before you trade

Want to trade FX?