(RTTNews.com) - The Canadian stock market struggled at the open Monday, but has since inched into positive territory. The weak performance of the gold stocks is limiting the market's upside this morning. Prices of the precious metal are falling due to the currency crisis in Turkey.
The majority of the European markets are trading modestly to the downside Monday. Fears over the collapse of the Turkish lira continue to weigh on sentiment. The Turkish lira hit a new record low against the U.S. dollar in Asian trading before regaining some ground after Turkey's central bank took measures to boost liquidity in the foreign exchange market
Markets on Wall Street are inching higher at the start of the new trading week.
The benchmark S&P/TSX Composite Index is up 27.73 points or 0.17 percent at 16,354.24.
On Friday, the index closed down by 90.47 points or 0.55 percent, at 16,326.51 The index scaled an intraday high of 16,362.52 and a low of 16,281.75.
The Gold Index is decreasing 1.43 percent. Gold prices are falling for a third straight session Monday as the dollar strengthened amid a worsening currency crisis in Turkey.
Goldcorp (G.TO) is weakening 1.79 percent and Barrick Gold (ABX.TO) is falling 2.04 percent. Yamana Gold (YRI.TO) is down 3.29 percent and B2Gold (BTO.TO) is decreasing 3.12 percent. IAMGOLD (IMG.TO) is losing 2.48 percent and Kinross Gold (K.TO) is declining 1.69 percent. Eldorado Gold (ELD.TO) is slipping 0.75 percent.
The Capped Materials Index is down 0.65 percent. Agnico Eagle Mines (AEM.TO) is weakening 1.79 percent and Franco-Nevada (FNV.TO) is lower by 0.18 percent.
The Capped Healthcare Index is lower by 0.76 percent. Concordia International Corp. (CXR.TO) is falling 6.67 percent and ProMetic Life Sciences (PLI.TO) is losing 2.94 percent. Extendicare (EXE.TO) is dipping 0.06 percent.
The Capped Information Technology Index is gaining 0.86 percent. BlackBerry (BB.TO) is climbing 1.33 percent and Descartes Systems Group (DSG.TO) is rising 0.25 percent. Constellation Software (CSU.TO) is advancing 1.61 percent and Sierra Wireless (SW.TO) is up 0.28 percent.
The Capped Telecommunication Services Index is up 0.59 percent. BCE Inc. (BCE.TO) is gaining 0.28 percent and TELUS (T.TO) is climbing 0.72 percent. Rogers Communications (RCI-B.TO) is rising 0.67 percent.
The Capped Industrials Index is up 0.39 percent. Canadian Pacific Railway (CP.TO) is advancing 0.26 percent and Canadian National Railway (CNR.TO) is rising 0.52 percent. Air Canada (AC.TO) is climbing 0.17 percent and Finning International (FTT.TO) is higher by 0.25 percent. WestJet Airlines (WJA.TO) is adding 0.23 percent.
The heavyweight Financial Index is increasing 0.26 percent. Royal Bank of Canada (RY.TO) is rising 0.18 percent and Toronto-Dominion Bank (TD.TO) is gaining 0.48 percent. Bank of Nova Scotia (BNS.TO) is advancing 0.20 percent and Bank of Montreal (BMO.TO) is higher by 0.19 percent. National Bank of Canada (NA.TO) is climbing 0.40 percent and Canadian Imperial Bank of Commerce (CM.TO) is up 0.29 percent.
The Energy Index is rising 0.19 percent. Imperial Oil (IMO.TO) is rising 0.22 percent and Cenovus Energy (CVE.TO) is up 0.08 percent. Suncor Energy (SU.TO) is higher by 0.49 percent and Enbridge (ENB.TO) is gaining 0.06 percent.
Chesswood Group Limited (CHW.TO) announced that its second quarter net income increased to $5.6 million from $3.7 million in the second quarter of 2017. The stock is climbing 1.50 percent.
In commodities, crude oil futures for September delivery are down 0.58 or 0.86 percent at $67.05 a barrel.
Natural gas for September is down 0.018 or 0.61 percent at $2.926 per million btu.
Gold futures for December are down 11.70 or 0.96 percent at $1,207.30 an ounce.
Silver for September is down 0.075 or 0.49 percent at $15.22 an ounce.
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