Canadian Stocks Are Struggling To Find Direction - Canadian Commentary

Shutterstock photo

(RTTNews.com) - The Canadian stock market has been fluctuating between small gains and losses since the open of trade Thursday, but remains little changed overall. Traders are in a cautious mood due to the uncertainty surrounding NAFTA discussions. Energy stocks are also struggling due to falling crude oil prices.

Markets in Europe posted early gains before settling into a sideways pattern. The European Central Bank and the Bank of England both held firm on rates today and made no change to their respective asset purchases.

Markets on Wall Street and trading modestly to the upside Thursday morning. Traders were encouraged by reports that the U.S. is proposing a new round of trade talks with China in the near future. U.S. Treasury Secretary Steven Mnuchin has reportedly sent an invitation for talks to senior Chinese officials, proposing a meeting in the next few weeks.

The benchmark S&P/TSX Composite Index is down 20.11 points or 0.13 percent at 16,028.91.

On Wednesday, the index closed down by 45.23 points or 0.28 percent, at 16,049.02. The index scaled an intraday high of 16,096.09 and a low of 15,993.58.

The Energy Index is falling 0.61 percent. Canadian Natural Resources (CNQ.TO) is declining 0.86 percent and Cenovus Energy (CVE.TO) is losing 2.08 percent. Encana (ECA.TO) is weakening by 1.88 percent and Husky Energy (HSE.TO) is down 0.47 percent. Crescent Point Energy (CPG.TO) is decreasing 1.98 percent.

The Gold Index is decreasing 0.78 percent. Goldcorp (G.TO) is falling 1.05 percent and Kinross Gold (K.TO) is losing 1.09 percent. Eldorado Gold (ELD.TO) is down 2.17 percent and B2Gold (BTO.TO) is surrendering 1.35 percent. IAMGOLD (IMG.TO) is weakening by 2.04 percent.

The Capped Materials Index is down 0.22 percent. Franco-Nevada (FNV.TO) is decreasing 0.04 percent and Agnico Eagle Mines (AEM.TO) is losing 1.10 percent.

The Capped Information Technology Index is gaining 0.36 percent. BlackBerry (BB.TO) is rising 1.09 percent and Sierra Wireless (SW.TO) is up 1.01 percent.

The Capped Industrials Index is up 0.34 percent. Canadian Pacific Railway (CP.TO) is gaining 0.33 percent and Canadian National Railway (CNR.TO) is climbing 0.88 percent. Air Canada (AC.TO) is increasing 1.18 percent and WestJet Airlines (WJA.TO) is adding 2.22 percent.

The heavyweight Financial Index is increasing 0.23 percent. Bank of Montreal (BMO.TO) is lower by 0.75 percent and Toronto-Dominion Bank (TD.TO) is dropping 0.52 percent. National Bank of Canada (NA.TO) is falling 0.39 percent and Royal Bank of Canada (RY.TO) is declining 0.61 percent. Bank of Nova Scotia (BNS.TO) is losing 0.67 percent and Canadian Imperial Bank of Commerce (CM.TO) is down 0.63 percent.

InMed Pharmaceuticals Inc. (IN.TO) is sinking 6.52 percent. The company reported net loss of $3.03 million and $8.52 million, or $0.02 and $0.06 per share, respectively, for the three and twelve months ended June 2018, compared with a net loss of $1.88 million and $4.47 million, or $0.02 and $0.05 per share, for the three and twelve months ended June 30, 2017.

Dollarama Inc. (DOL.TO) is tumbling 13.77 percent after it reported diluted net earnings per common share of $0.43 for the second quarter, up 13.2% from the year-ago quarter.

On the economic front, the Canadian new housing price index rose 0.1 percent in July, which was in line with analysts' estimates.

Germany's consumer price inflation held steady, as initially estimated in August, final data from Destatis revealed Thursday. Consumer price inflation remained stable at 2 percent in August, in line with the estimate published on August 30. The rate reached the 2 percent mark for the fourth consecutive month.

France's consumer prices grew at a steady pace in August, final data from the statistical office Insee showed Thursday. Consumer price inflation came in at 2.3 percent, the same rate as registered in July, and in line with the preliminary estimate published on August 31.

UK house price balance dropped in August largely due to the weakness in London, the Royal Institute of Chartered Surveyors reportedly said Thursday. The national house price balance slid to 2 percent in August from 4 percent in July.

A report released by the Labor Department on Thursday showed a modest increase in U.S. consumer prices in the month of August. The Labor Department said its consumer price index rose by 0.2 percent in August, matching the increase seen in July. Economists had expected prices to climb by 0.3 percent.

First-time claims for U.S. unemployment benefits unexpectedly edged slightly lower in the week ended September 8th, according to a report released by the Labor Department on Thursday. The report said initial jobless claims dipped to 204,000, a decrease of 1,000 from the previous week's revised level of 205,000.

Economists had expected jobless claims to rise to 210,000 from the 203,000 originally reported for the previous week.

In commodities, crude oil futures for October delivery are down 0.73 or 1.04 percent at $69.63 a barrel.

Natural gas for October is up 0.023 or 0.81 percent at $2.852 per million btu.

Gold futures for December are up 3.00 or 0.25 percent at $1,213.90 an ounce.

Silver for December is up 0.017 or 0.12 percent at $14.31 an ounce.

Read the original article on RTTNews (http://www.rttnews.com/2934711/canadian-stocks-are-struggling-to-find-direction-canadian-commentary.aspx)

For comments and feedback: contact editorial@rttnews.com

This article appears in: World Markets , 401k , Insurance , Banking and Loans , Oil , Retirement
Referenced Symbols: AEM ,

More from RTT News


See All RTT news

Research Brokers before you trade

Want to trade FX?