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Canadian Stocks Are Rising On Energy Strength - Canadian Commentary


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(RTTNews.com) - The Canadian stock market is logging a triple digit gain Friday morning, following yesterday's pullback. Energy stocks are leading the way higher this morning as investors continue to monitor the OPEC meeting in Vienna.

The majority of the European markets are trading in the green Friday. Investor sentiment received a boost after finance ministers from 19 nations finalized plans to get Greece out of its eight-year bailout program and a top lawmaker in Italy's far-right League party reportedly said the government doesn't want to exit the euro.

Markets on Wall Street are mixed in early trade Friday. The S&P 500 and the Dow Jones are modestly higher, while the tech-heavy Nasdaq is losing ground. The weak guidance provided by Red Hat is weighing on the Nasdaq.

The benchmark S&P/TSX Composite Index is up 141.26 points or 0.86 percent at 16,476.41.

On Thursday, the index closed down by 85.80 points or 0.52 percent, at 16,335.15. The index scaled an intraday high of 16,412.25 and a low of 16,323.17.

The Energy Index is rising 3.59 percent. Crude oil prices are rising Friday morning after Iran confirmed its opposition to a Saudi plan for OPEC to raise output.

Crescent Point Energy (CPG.TO) is climbing 4.05 percent and Cenovus Energy (CVE.TO) is rising 5.23 percent. Encana (ECA.TO) is advancing 4.93 percent and Suncor Energy (SU.TO) is increasing 3.26 percent. Husky Energy (HSE.TO) is up 2.21 percent and Canadian Natural Resources (CNQ.TO) is gaining 4.65 percent. Imperial Oil (IMO.TO) is higher by 2.07 percent and Enbridge (ENB.TO) is adding 1.61 percent.

The Gold Index is increasing 1.23 percent. Gold prices are nearly flat Friday morning, hovering around $1270 an ounce.

B2Gold (BTO.TO) is increasing 0.58 percent and Kinross Gold (K.TO) is rising 2.04 percent. Goldcorp (G.TO) is up 1.23 percent and IAMGOLD (IMG.TO) is adding 0.53 percent. Eldorado Gold (ELD.TO) is climbing 0.68 percent and Barrick Gold (ABX.TO) is gaining 1.23 percent. Yamana Gold (YRI.TO) is advancing 1.01 percent.

The Capped Materials Index is up 1.24 percent. Franco-Nevada (FNV.TO) is gaining 0.38 percent and Agnico Eagle Mines (AEM.TO) is rising 0.95 percent. Nutrien (NTR.TO) is climbing 1.50 percent.

The heavyweight Financial Index is increasing 0.49 percent. Toronto-Dominion Bank (TD.TO) is advancing 0.52 percent and Bank of Montreal (BMO.TO) is up 0.70 percent. Royal Bank of Canada (RY.TO) is climbing 0.34 percent and Bank of Nova Scotia (BNS.TO) is higher by 0.37 percent. National Bank of Canada (NA.TO) is rising 0.67 percent and Canadian Imperial Bank of Commerce (CM.TO) is adding 0.85 percent.

The Capped Industrials Index is up 0.26 percent. Canadian Pacific Railway (CP.TO) is gaining 0.54 percent and Finning International (FTT.TO) is advancing 0.42 percent.

Canadian National Railway (CNR.TO) is rising 0.74 percent. The company plans to spend a total of $40 million on projects in Nova Scotia and New Brunswick.

The Capped Healthcare Index is lower by 1.76 percent. Valeant Pharmaceuticals International (VRX.TO) is falling 1.98 percent and Concordia International (CXR.TO) is losing 5 percent. Extendicare (EXE.TO) is down 0.27 percent.

The Capped Information Technology Index is losing 0.99 percent. Constellation Software (CSU.TO) is falling 0.13 percent and Descartes Systems Group (DSG.TO) is down 0.05 percent. Sierra Wireless (SW.TO) is decreasing 0.09 percent.

BlackBerry (BB.TO) is declining 9.42 percent despite a surprise quarterly profit.

BlackBerry also revealed a partnership with Bullitt Group, a British smartphone and consumer electronics maker, to develop new highly-secure connected devices that are certified as "BlackBerry Secure."

On the economic front, Data from Statistics Canada showed that consumer prices edged up 0.1 percent on a seasonally adjusted monthly basis in May, the same rate as seen in the previous month.

The rate was expected to rise to 0.4 percent.

Core inflation slipped 0.1 percent on month, after a flat reading seen in the previous month.

Separate data showed that retail sales declined in April, primarily due to lower sales at motor vehicle and parts dealers.

The retail sales fell 1.2 percent on month in April, following a revised 0.8 percent growth in the previous month. Economists had expected sales to be flat.

Eurozone private sector regained some momentum in June fueled by an improved service sector performance, while the pace of growth in manufacturing activity waned. The composite output index rose unexpectedly to 54.8 in June from 54.1 in May, flash data from IHS Markit showed Friday. The score was forecast to fall to 53.9.

Germany's private sector growth picked up pace in June, driven by stronger rise in services business activity, preliminary survey results from IHS Markit showed Friday. The composite output index rose to 54.2 in June from 53.4 in May

France's private sector expanded at a faster pace in June driven by an acceleration in services economy, flash survey data from IHS Markit showed Friday. The flash composite output index rose to 55.6 in June, while the reading was forecast to remain unchanged at 54.2.

In commodities, crude oil futures for July delivery are up 2.07 or 3.16 percent at $67.61 a barrel.

Natural gas for July is down 0.024 or 0.81 percent at $2.951 per million btu.

Gold futures for August are up 1.10 or 0.09 percent at $1,271.60 an ounce.

Silver for July is up 0.094 or 0.58 percent at $16.42 an ounce.


Read the original article on RTTNews (http://www.rttnews.com/2907650/canadian-stocks-are-rising-on-energy-strength-canadian-commentary.aspx)


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


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