(RTTNews.com) - The Canadian stock market is climbing in early trade Tuesday, rebounding from yesterday's small loss. The continued rise in commodity prices is driving shares of energy and gold stocks higher this morning. However, traders remain in a cautious mood due to concerns over global trade.
Markets in Europe are trading modestly to the upside Tuesday. Traders are encouraged by reports that a compromise on Italy's budget has been reached among the government coalition members.
Markets on Wall Street are basically flat in early trade Tuesday. The Federal Reserve has begun its 2-day policy meeting and traders are looking forward to tomorrow's announcement. The Fed is widely expected to hike interest rates by a quarter point.
The benchmark S&P/TSX Composite Index is up 85.84 points or 0.53 percent at 16,293.16.
On Monday, the index closed down by 16.81 points or 0.10 percent, at 16,207.32. The index scaled an intraday high of 16,276.80 and a low of 16,198.69.
The Gold Index is increasing 1.93 percent. Goldcorp (G.TO) is higher by 0.25 percent and Kinross Gold (K.TO) is rising 1.83 percent. IAMGOLD (IMG.TO) is up 2.38 percent and Yamana Gold (YRI.TO) is climbing 1.52 percent. Barrick Gold (ABX.TO) is gaining 4.69 percent and Eldorado Gold (ELD.TO) is adding 0.86 percent. B2Gold (BTO.TO) is advancing 2.05 percent.
The Capped Materials Index is up 1.18 percent. Agnico Eagle Mines (AEM.TO) is gaining 1.84 percent and Franco-Nevada (FNV.TO) is higher by 1.10 percent. Nutrien (NTR.TO) is rising 0.50 percent.
The Energy Index is rising 1.25 percent. Canadian Natural Resources (CNQ.TO) is advancing 1.10 percent and Husky Energy (HSE.TO) is up 0.67 percent. Crescent Point Energy (CPG.TO) is increasing 1.71 percent and Cenovus Energy (CVE.TO) is adding 0.16 percent. Suncor Energy (SU.TO) is gaining 1.35 percent and Imperial Oil (IMO.TO) is higher by 1.32 percent. Encana (ECA.TO) is climbing 2.01 percent.
The Capped Industrials Index is up 0.53 percent. WestJet Airlines (WJA.TO) is gaining 0.59 percent. Canadian National Railway (CNR.TO) is climbing 1.59 percent and Canadian Pacific Railway (CP.TO) is rising 0.61 percent.
The Capped Information Technology Index is gaining 0.48 percent. BlackBerry (BB.TO) is rising 0.96 percent and Constellation Software (CSU.TO) is up 0.65 percent.
The heavyweight Financial Index is increasing 0.27 percent. Bank of Montreal (BMO.TO) is higher by 0.30 percent and Bank of Nova Scotia (BNS.TO) is gaining 0.22 percent. National Bank of Canada (NA.TO) is advancing 0.22 percent and Canadian Imperial Bank of Commerce (CM.TO) is up 0.22 percent. Royal Bank of Canada (RY.TO) is climbing 0.40 and Toronto-Dominion Bank (TD.TO) is adding 0.34 percent.
Aurora Cannabis Inc. (ACB.TO) is surging 9.13 percent after it reported a 19% jump in fourth quarter revenue, compared to the preceding quarter. Compared to the fourth quarter of the previous year, the revenue of the company at $19,147 in the fourth quarter of 2017-18, was up as much as 223%.
Pollard Banknote Limited (PBL.TO) is rising 1.59 percent. The company announced that it has bagged a six-year extension to its Instant Ticket Printing and Production Services contract with the Texas Lottery. Based on most recent level of volumes, the estimated dollar value over the term of this extension is $70-80 million (CDN), the company said.
On the economic front, Germany's wholesale price inflation accelerated in August largely driven by fuel cost, the Federal Statistical Office reported Tuesday. Wholesale price inflation rose to 3.8 percent in August from 3.6 percent in July. This was the fastest increase in wholesale prices since April 2017.
French manufacturing sentiment deteriorated in September, survey results from the statistical office Insee showed Tuesday. The manufacturing sentiment index fell to 107 in September from 110 in August. This was the lowest score since March 2017 and well below forecast of 109.
In commodities, crude oil futures for October delivery are up 0.45 or 0.62 percent at $72.53 a barrel.
Natural gas for October is up 0.012 or 0.39 percent at $3.05 per million btu.
Gold futures for December are up 2.10 or 0.17 percent at $1,206.50 an ounce.
Silver for December is up 0.174 or 1.21 percent at $14.515 an ounce.
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