Canadian Stocks Are Rising On Energy Strength - Canadian Commentary

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(RTTNews.com) - The Canadian stock market is climbing in early trade Tuesday, adding to the gains from the previous session. Energy stocks are leading the way higher this morning, as crude oil prices have risen back above $74 a barrel.

Markets in Europe are trading modestly to the upside Tuesday, extending recent gains. Global trade concerns continued to ease on hopes for a strong earnings reporting season.

Markets on Wall Street are inching higher in early trade Tuesday, following yesterday's rally. On another light data day, traders are looking forward to earnings reports from financial giants Citigroup, JPMorgan Chase and Wells Fargo this week.

The benchmark S&P/TSX Composite Index is up 69.21 points or 0.42 percent at 16,521.55.

On Monday, the index closed up by 80.56 points or 0.49 percent, at 16,452.34. The index scaled an intraday high of 16,460.48 and a low of 16,382.29.

The Energy Index is rising 1.57 percent. Crude oil prices have climbed back above $74 a barrel Tuesday morning.

Cenovus Energy (CVE.TO) is rising 1.17 percent and Canadian Natural Resources (CNQ.TO) is adding 1.20 percent. Husky Energy (HSE.TO) is climbing 2.37 percent and Crescent Point Energy (CPG.TO) is gaining 2.65 percent. Encana (ECA.TO) is up 3.58 percent and Suncor Energy (SU.TO) is higher by 1.56 percent. Imperial Oil (IMO.TO) is increasing 1.07 percent and Enbridge (ENB.TO) is advancing 0.49 percent.

The Capped Healthcare Index is higher by 0.67 percent. Valeant Pharmaceuticals International (VRX.TO) is rising 0.94 percent and Extendicare (EXE.TO) is up 0.28 percent. ProMetic Life Sciences (PLI.TO) is climbing 10.17 percent.

The Capped Information Technology Index is gaining 0.69 percent. BlackBerry (BB.TO) is rising 1.21 percent and Sierra Wireless (SW.TO) is climbing 1.81 percent. Constellation Software (CSU.TO) is adding 2.32 percent.

The heavyweight Financial Index is increasing 0.23 percent. Royal Bank of Canada (RY.TO) is gaining 0.30 percent and Bank of Montreal (BMO.TO) is higher by 0.37 percent. National Bank of Canada (NA.TO) is rising 0.08 percent and Bank of Nova Scotia (BNS.TO) is adding 0.08 percent. Toronto-Dominion Bank (TD.TO) is advancing 0.17 percent.

The Gold Index is decreasing 0.22 percent. Gold prices are sliding Tuesday morning after recovering some lost ground in recent days.

IAMGOLD (IMG.TO) is falling 0.13 percent and Yamana Gold (YRI.TO) is declining 0.62 percent. Goldcorp (G.TO) is weakening by 0.33 percent and B2Gold (BTO.TO) is surrendering 0.46 percent.

The Capped Materials Index is down 0.15 percent. Franco-Nevada (FNV.TO) is declining 0.65 percent and Agnico Eagle Mines (AEM.TO) is falling 0.56 percent.

On the economic front, a report from the Canada Mortgage and Housing Corp. Tuesday morning showed that Canadian housing starts rose to 248,138 in June.

A report from Statistics Canada showed that Canadian building permits climbed 4.7 percent in May.

Consumer prices in China were up 1.9 percent on year in June, the National Bureau of Statistics said on Tuesday, in line with expectations and up from 1.8 percent in May. On a monthly basis, consumer prices eased 0.1 percent after sliding 0.2 percent in the previous month.

Eurozone house prices grew at a faster pace in the three months ended March, Eurostat reported Tuesday. House prices climbed 4.5 percent year-over-year in the first quarter, following a 4.3 percent rise in the previous quarter.

German investor confidence fell to its lowest level in nearly six years in July, as sentiment was hurt by political uncertainty, survey data from the Centre for European Economic Research showed Tuesday.

The ZEW Indicator of Economic Sentiment for Germany dropped 8.6 points to minus 24.7 points, which was the lowest reading since August 2012, the Mannheim-based think tank said.

The score was also well below the long-term average of 23.2 points. Economists had forecast a reading of minus 18.5.

France's industrial production declined for the third straight month in May, defying economists' forecast for an increase, the statistical office Insee showed Tuesday. Industrial output dropped a seasonally adjusted 0.2 percent month-over-month in May, slower than the 0.5 percent fall in April. Meanwhile, it was expected to rise by 0.6 percent.

UK economic growth increased in May, led by services, while production declined, the first ever monthly GDP estimate from ONS revealed Tuesday. Gross domestic product rose 0.3 percent month-on-month in May after 0.2 percent increase in April and a flat reading in March.

UK industrial production decreased for the third straight month in May, defying economists' forecast for an increase, figures from the Office for National Statistics showed Tuesday. Industrial production fell 0.4 percent month-over-month in May, slower than April's revised 1.0 percent decline. In contrast, economists had expected a 0.5 percent rise for the month.

The UK visible trade deficit narrowed slightly in May, the Office for National Statistics reported Tuesday. The trade in goods showed a shortfall of GBP 12.36 billion in May, down from GBP 12.40 billion in April. The expected deficit was GBP 12.0 billion.

In commodities, crude oil futures for August delivery are up 0.51 or 0.69 percent at $74.36 a barrel.

Natural gas for August is down 0.02 or 0.71 percent at $2.808 per million btu.

Gold futures for August are down 4.70 or 0.37 percent at $1,254.90 an ounce.

Silver for September is down 0.039or 0.24 percent at $16.10 an ounce.

Read the original article on RTTNews (http://www.rttnews.com/2912372/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: AEM ,

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