Canadian Stocks Are Struggling As Gold Prices Fall - Canadian Commentary

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(RTTNews.com) - The Canadian stock market is down slightly at the start of the new trading week. A pullback in gold prices is weighing on shares of gold stocks this morning. Energy stocks are also slow out of the gate, as crude oil prices remain little changed. Meanwhile, healthcare stocks are climbing in early trade.

The majority of the European markets are trading modestly to the downside Monday. Traders continue to fret over global trade after U.S. President Donald Trump accused the European Union and China of manipulating their currencies.

Markets on Wall Street are roughly flat in early trade Monday. Stocks are struggling to find direction following the lackluster performance seen last week.

The benchmark S&P/TSX Composite Index is down 43.53 points or 0.26 percent at 16,391.93.

On Friday, the index closed down by 107.55 points or 0.65 percent, at 16,435.46. The index scaled an intraday high of 16,498.56 and a low of 16,424.75.

The Gold Index is decreasing 0.78 percent. Gold prices are heading lower Monday morning, failing to find safe-haven support despite dollar weakness.

IAMGOLD (IMG.TO) is down 0.52 percent and B2Gold (BTO.TO) is declining 0.59 percent. Yamana Gold (ELD.TO) is losing 0.94 percent and Goldcorp (G.TO) is weakening by 1.29 percent. Kinross Gold (K.TO) is surrendering 0.93 percent and Barrick Gold (ABX.TO) is falling 2.65 percent.

The Capped Materials Index is down 0.70 percent. Franco Nevada (FNV.TO) is lower by 0.59 percent and Agnico Eagle Mines (AEM.TO) is lower by 1.67 percent.

Nutrien (NTR.TO) is weakening by 0.58 percent after it entered into a definitive agreement with SDIC Mining Investment Co. Ltd. to sell 23,294,614 common shares of Arab Potash Company for gross proceeds of $502 million.

The Capped Industrials Index is down 0.67 percent. Canadian National Railway (CNR.TO) is falling 1.05 percent and Canadian Pacific Railway (CP.TO) is declining 0.43 percent. Bombardier (BBD-B.TO) is losing 1.55 percent and WestJet Airlines (WJA.TO) is surrendering 0.59 percent. Finning International (FTT.TO) is decreasing 1.09 percent.

The Capped Telecommunication Services Index is down 0.42 percent. BCE (BCE.TO) is losing 0.42 percent and Rogers Communications (RCI-B.TO) is declining 0.39 percent. TELUS (T.TO) is decreasing 0.52 percent.

The Capped Information Technology Index is losing 0.26 percent. Sierra Wireless (SW.TO) is weakening by 0.63 percent and Constellation Software (CSU.TO) is falling 0.79 percent. BlackBerry (BB.TO) is weakening by 1.11 percent and Descartes Systems Group (DSG.TO) is surrendering 0.51 percent.

The Energy Index is falling 0.10 percent. Oil prices little changed Monday, after finance ministers and central bank governors from the G20 warned about increased risks to global growth.

Canadian Natural Resources (CNQ.TO) is losing 0.11 percent and Crescent Point Energy (CPG.TO) is down 0.83 percent. Encana (ECA.TO) is falling 0.82 percent and Enbridge (ENB.TO) is weakening by 0.57 percent. Imperial Oil (IMO.TO) is surrendering 0.07 percent.

The heavyweight Financial Index is decreasing 0.02 percent. Toronto-Dominion Bank (TD.TO) is losing 0.26 percent and National Bank of Canada (NA.TO) is down 0.03 percent. Bank of Nova Scotia (BNS.TO) is declining 0.07 percent and Royal Bank of Canada (RY.TO) is dipping 0.04 percent.

Hydro One Limited (H.TO) is losing 1.14 percent. The company announced on Saturday that the company and Avista Corporation (NYSE:AVA) received notice from the Washington Utilities and Transportation Commission that it has extended the deadline for a decision on the proposed merger between Hydro One and Avista by four months to December 14, 2018.

Nuvo Pharmaceuticals Inc. (NRI.TO) announced Monday morning that its wholly owned subsidiary, Nuvo Pharmaceuticals (Ireland) Limited has entered into a license and supply agreement with Fagron Belgium NV for the exclusive right to register, distribute, market and sell Resultz in Belgium, the Netherlands and Luxembourg. Shares are rising 1.15 percent.

On the economic front, a report released by the National Association of Realtors on Monday showed existing home sales in the U.S. unexpectedly decreased for the third straight month in June.

NAR said existing home sales fell by 0.6 percent to an annual rate of 5.36 million in June from a downwardly revised rate of 5.41 million in May. Economists had expected existing home sales to climb by 0.5 percent.

In commodities, crude oil futures for August delivery are up 0.42 or 0.62 percent at $68.68 a barrel.

Natural gas for August is down 0.032 or 1.16 percent at $2.725 per million btu.

Gold futures for August are down 6.00 or 0.49 percent at $1,225.10 an ounce.

Silver for September is down 0.124 or 0.80 percent at $15.425 an ounce.

Read the original article on RTTNews (http://www.rttnews.com/2916549/canadian-stocks-are-struggling-as-gold-prices-fall-canadian-commentary.aspx)

For comments and feedback: contact editorial@rttnews.com

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

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