Energy Strength Driving Bay Street Higher - Canadian Commentary

Shutterstock photo

(RTTNews.com) - The Canadian stock market is rising in early trade Wednesday, following yesterday's slight pullback. The strong performance of the energy sector is fueling early gains, as crude oil prices continue to rise.

Markets in Europe are turning in a mixed performance Wednesday, but remain little changed overall.

Markets on Wall Street are slipping in early trade. Traders remain in a cautious mood ahead of the release of the minutes from the most recent meeting of the Federal Reserve this afternoon.

President Donald Trump's former personal lawyer Michael Cohen pleaded guilty to campaign finance violations and other charges, and Paul Manafort, Trump's former campaign chairman, was found guilty on five counts of tax fraud.

The benchmark S&P/TSX Composite Index is up 71.94 points or 0.44 percent at 16,368.91.

On Tuesday, the index closed down by 34.06 points or 0.21 percent, at 16,296.97. The index scaled an intraday high of 16,398.63 and a low of 16,296.40.

The Energy Index is rising 2.02 percent. Crescent Point Energy (CPG.TO) is advancing 1.93 percent and Cenovus Energy (CVE.TO) is up 1.98 percent. Imperial Oil (IMO.TO) is climbing 1.46 percent and Canadian Natural Resources (CNQ.TO) is increasing 2.04 percent. Suncor Energy (SU.TO) is gaining 2.06 percent and Enbridge (ENB.TO) is adding 0.28 percent. Encana (ECA.TO) is higher by 2 percent and Husky Energy (HSE.TO) is advancing 1.51 percent.

The Gold Index is increasing 0.68 percent. IAMGOLD (IMG.TO) is gaining 1.67 percent and Yamana Gold (YRI.TO) is adding 0.28 percent. Goldcorp (G.TO) is climbing 2.75 percent and Kinross Gold (K.TO) is rising 1.07 percent. Eldorado Gold (ELD.TO) is up 0.39 percent and Barrick Gold (ABX.TO) is advancing 1.28 percent.

The Capped Materials Index is up 0.67 percent. Agnico Eagle Mines (AEM.TO) is rising 1.23 percent and Franco-Nevada (FNV.TO) is adding 0.11 percent. Nutrien (NTR.TO) is higher by 0.47 percent.

The Capped Industrials Index is up 0.30 percent. Canadian Pacific Railway (CP.TO) is advancing 1.01 percent and Canadian National Railway (CNR.TO) is rising 0.61 percent. WestJet (WJA.TO) is climbing 2.08 percent and Finning International (FTT.TO) is higher by 0.91 percent.

The Capped Healthcare Index is lower by 1.26 percent. Concordia International (CXR.TO) is falling 4.17 percent and ProMetic Life Sciences (PLI.TO) is losing 1.67 percent.

The heavyweight Financial Index is increasing 0.20 percent. Bank of Nova Scotia (BNS.TO) is advancing 0.37 percent and Bank of Montreal (BMO.TO) is higher by 0.27 percent. National Bank of Canada (NA.TO) is climbing 0.18 percent and Canadian Imperial Bank of Commerce (CM.TO) is up 0.05 percent. Toronto-Dominion Bank (TD.TO) is gaining 0.89 percent.

Royal Bank of Canada (RY.TO) is adding 0.26 percent. The company reported net income of C$3.11 billion for third quarter, up 11% from the prior year. EPS was up 14% at C$2.10. The bank announced an increase to its quarterly dividend of 4% to C$0.98 per share.

On the economic front, a report from Statistics Canada this morning showed a 0.2 percent decrease in retail sales for June. Economists had been expecting an increase of 0.1 percent.

Existing home sales in the U.S. unexpectedly decreased in the month of July, according to a report released by the National Association of Realtors on Wednesday. NAR said existing home sales dropped by 0.7 percent to an annual rate of 5.34 million in July after falling by 0.6 percent to a rate of 5.38 million in June.

The continued decrease in existing home sales came as a surprise to economists, who had expected existing home sales to climb by 0.6 percent.

In commodities, crude oil futures for September delivery are up 1.34 or 2.04 percent at $67.18 a barrel.

Natural gas for September is down 0.008 or 0.27 percent at $2.972 per million btu.

Gold futures for December are up 2.50 or 0.21 percent at $1,202.50 an ounce.

Silver for September is down 0.071 or 0.48 percent at $14.695 an ounce.

Read the original article on RTTNews (http://www.rttnews.com/2928761/energy-strength-driving-bay-street-higher-canadian-commentary.aspx)

For comments and feedback: contact editorial@rttnews.com

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

More from RTT News


See All RTT news

Research Brokers before you trade

Want to trade FX?