Canadian Stocks Are Rising On Energy Strength - Canadian Commentary

Shutterstock photo

(RTTNews.com) - The Canadian stock market is climbing in early trade Tuesday. Rising crude oil prices has provided a boost to shares of energy stocks this morning. Meanwhile, gold stocks are struggling despite a slight uptick in the price of the precious metal.

The majority of the European markets are trading to the upside Tuesday, extending their gains from the previous session.

Markets on Wall Street are inching higher in early trade Tuesday. Optimism ahead of the trade talks between the U.S. and China continues to drive gains.

The benchmark S&P/TSX Composite Index is up 61.15 points or 0.37 percent at 16,392.18.

On Monday, the index closed up by 7.32 points or 0.04 percent, at 16,331.03. The index scaled an intraday high of 16,370.92 and a low of 16,317.37.

The Capped Healthcare Index is higher by 2.97 percent. Extendicare (EXE.TO) is advancing 1.17 percent and Concordia International (CXR.TO) is rising 4.35 percent.

The Energy Index is rising 1.18 percent. Crescent Point Energy (CPG.TO) is advancing 1.94 percent and Cenovus Energy (CVE.TO) is up 1.50 percent. Imperial Oil (IMO.TO) is climbing 0.67 percent and Canadian Natural Resources (CNQ.TO) is increasing 1.34 percent. Suncor Energy (SU.TO) is gaining 1.07 percent and Enbridge (ENB.TO) is adding 0.08 percent. Encana (ECA.TO) is higher by 1.29 percent and Husky Energy (HSE.TO) is advancing 0.37 percent.

The Capped Industrials Index is up 0.50 percent. Canadian Pacific Railway (CP.TO) is advancing 1.21 percent and Canadian National Railway (CNR.TO) is rising 0.32 percent. Air Canada (AC.TO) is climbing 5.34 percent and Finning International (FTT.TO) is higher by 0.23 percent.

The heavyweight Financial Index is increasing 0.41 percent. Royal Bank of Canada (RY.TO) is rising 0.27 percent and Toronto-Dominion Bank (TD.TO) is gaining 0.46 percent. Bank of Nova Scotia (BNS.TO) is advancing 0.58 percent and Bank of Montreal (BMO.TO) is higher by 0.67 percent. National Bank of Canada (NA.TO) is climbing 0.61 percent and Canadian Imperial Bank of Commerce (CM.TO) is up 0.42 percent.

The Capped Information Technology Index is gaining 0.33 percent. Descartes Systems Group (DSG.TO) is rising 0.21 percent and Sierra Wireless (SW.TO) is up 1.07 percent. Constellation Software (CSU.TO) is climbing 0.54 percent BlackBerry (BB.TO) is higher by 0.83 percent.

The Capped Materials Index is up 0.32 percent. Nutrien (NTR.TO) is higher by 0.33 percent.

The Gold Index is decreasing 0.04 percent. IAMGOLD (IMG.TO) is losing 0.92 percent and Yamana Gold (YRI.TO) is falling 0.56 percent. B2Gold (BTO.TO) is down 0.49 percent.

Aurora Cannabis Inc. (ACB.TO) announced that its wholly-owned subsidiary MedReleaf, have entered into supply agreements with the Ontario Cannabis Stores, a key market in the company's adult consumer use strategy. The stock is climbing 6.18 percent.

Pattern Energy Group Inc. (PEGI.TO) today announced it has completed the sale of its operations in Chile to affiliates of Arroyo Energy Investors for a cash consideration of $70.5 million before transaction related expenses of approximately $2.0 million. Shares are rising 0.15 percent.

On the economic front, a report from Statistics Canada this morning showed that Canadian wholesale sales declined 0.8 percent in June.

The UK budget balance posted the biggest surplus for July since 2000, giving room for Chancellor of the Exchequer Philip Hammond to plan more spending ahead of 'Brexit'.

Public sector net borrowing, excluding public sector banks, was in surplus by GBP 2.0 billion in July, the Office for National Statistics reported Tuesday.

This was the largest July surplus for 18 years and a GBP 1.0 billion greater surplus than in July 2017, also well above the expected level of GBP 1.1 billion.

UK manufacturers registered a slowdown in order growth in August, the latest Industrial Trends Survey from the Confederation of British Industry showed Tuesday.

The survey showed that 31 percent of manufacturers reported total order books to be above normal, and 23 percent said they were below normal, giving a rounded balance of +7 percent for three months ended August.

The factory order book balance for August fell to +7 percent from +11 percent in previous month. The expected balance was 8 percent.

In commodities, crude oil futures for September delivery are up 1.53 or 2.30 percent at $67.96 a barrel.

Natural gas for September is up 0.024 or 0.82 percent at $2.965 per million btu.

Gold futures for December are up 3.50 or 0.29 percent at $1,198.10 an ounce.

Silver for September is up 0.115 or 0.78 percent at $14.785 an ounce.

Read the original article on RTTNews (http://www.rttnews.com/2928411/canadian-stocks-are-rising-on-energy-strength-canadian-commentary.aspx)

For comments and feedback: contact editorial@rttnews.com

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

More from RTT News


See All RTT news

Research Brokers before you trade

Want to trade FX?