(RTTNews.com) - The Canadian stock market is climbing in early trade Monday. The solid performance of the gold stocks is helping to drive the market higher this morning. The safe haven status of the precious metal is providing a boost to gold stocks after U.S. President Trump backed out of a joint G7 communiquÃ© over the weekend.
"Sorry, we cannot let our friends, or enemies, take advantage of us on Trade anymore. We must put the American worker first!" Trump said in a post on Twitter.
Markets in Europe are trading modestly to the upside Monday, but have remained stuck in a sideways pattern. The Italian stock market is surging after comments from its finance minister, who reassured investors that the country remains committed to the Euro.
Markets on Wall Street are up slightly at the start of the new trading week. Traders are in a cautious mood ahead of the historic summit between President Donald Trump and North Korean leader Kim Jong Un on Tuesday.
The benchmark S&P/TSX Composite Index is up 45.94 points or 0.28 percent at 16,248.63.
On Friday, the index closed up by 9.91 points or 0.06 percent, at 16,202.69. The index scaled an intraday high of 16,202.69 and a low of 16,142.20.
The Gold Index is increasing 0.62 percent. Gold prices are nearly flat Monday morning, holding just above $1300 an ounce.
Kinross Gold (K.TO) is rising 2.16 percent and B2Gold (BTO.TO) is gaining 1.30 percent. Yamana Gold (YRI.TO) is climbing 1.85 percent and Goldcorp (G.TO) is adding 0.38 percent. Barrick Gold (ABX.TO) is increasing 1.13 percent and IAMGOLD (IMG.TO) is advancing 0.80 percent. Eldorado Gold (ELD.TO) is up 0.68 percent.
The Capped Materials Index is up 1.02 percent. Franco-Nevada (FNV.TO) is gaining 0.04 percent and Agnico Eagle Mines (AEM.TO) is adding 0.26 percent. Nutrien (NTR.TO) is climbing 2.31 percent.
The Capped Industrials Index is up 0.64 percent. Canadian National Railway (CNR.TO) is climbing 0.76 percent and Canadian Pacific Railway (CP.TO) is gaining 0.80 percent. Air Canada (AC.TO) is rising 1.29 percent and Bombardier (BBD-B.TO) is higher by 0.82 percent.
The Capped Telecommunication Services Index is up 0.44 percent. Rogers Communications (RCI-B.TO) is rising 0.68 percent and BCE (BCE.TO) is gaining 0.44 percent. TELUS (T.TO) is also higher by 0.24 percent.
The Capped Information Technology Index is gaining 0.54 percent. BlackBerry (BB.TO) is increasing 0.51 percent and Sierra Wireless (SW.TO) is up 0.71 percent. Descartes Systems Group (DSG.TO) is advancing 0.03 percent and Constellation Software (CSU.TO) is rising 1.12 percent.
The heavyweight Financial Index is increasing 0.17 percent. Toronto-Dominion Bank (TD.TO) is gaining 0.32 percent and Royal Bank of Canada (RY.TO) is climbing 0.37 percent. National Bank of Canada (NA.TO) is increasing 0.32 percent and Canadian Imperial Bank of Commerce (CM.TO) is adding 0.35 percent.
The Energy Index is rising 0.01 percent. Oil prices are little changed Monday morning, trading just below $66 a barrel.
Encana (ECA.TO) is rising 1.68 percent and Husky Energy (HSE.TO) is advancing 0.41 percent. Suncor Energy (SU.TO) is up 0.17 percent and Imperial Oil (IMO.TO) is increasing 0.26 percent. Enbridge (ENB.TO) is higher by 1.36 percent.
The Capped Healthcare Index is lower by 0.50 percent. ProMetic Life Sciences (PLI.TO) is losing 4.17 percent.
On the economic front, UK industrial production decreased unexpectedly at the start of the second quarter, figures from the Office for National Statistics showed Monday.
Industrial production fell 0.8 percent month-over-month in April, reversing a 0.1 percent rise in March. It was the first decline in four months.
Meanwhile, economists had expected a stable 0.1 percent increase for the month.
The United Kingdom's visible trade deficit in April was the biggest in over one-and-a-half years, data from the Office for National Statistics showed Monday.
The trade in goods deficit widened to GBP 14.035 billion from GBP 9.248 billion a year ago and GBP 12.003 billion in March. The latest figure was the biggest since September 2016, when the deficit was GBP 14.254 billion. Economists had forecast a shortfall of GBP 11.4 billion.
In commodities, crude oil futures for July delivery are down 0.11 or 0.17 percent at $65.63 a barrel.
Natural gas for July is up 0.055 or 1.90 percent at $2.945 per million btu.
Gold futures for August are up 0.40 or 0.03 percent at $1,303.10 an ounce.
Silver for July is up 0.179or 1.07 percent at $16.92 an ounce.
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