Stocks Are Little Changed Despite Weak Commodity Prices - Canadian Commentary

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(RTTNews.com) - The Canadian stock market gapped open lower Tuesday morning, but has since trimmed its early losses. Energy and gold stocks are climbing in early trade despite falling commodity prices. Meanwhile, financial stocks are under pressure after BMO and CIBC announced that their customers may have been the victims of fraud.

Markets in Europe are trading in the red Tuesday. The political uncertainty in Spain and the prospect of fresh elections in Italy are weighing on investor sentiment.

Markets on Wall Street opened lower Tuesday, but have since pared their early losses. Investors have returned to their desks following the long holiday weekend.

The benchmark S&P/TSX Composite Index is down 2.59 points or 0.02 percent at 16,013.55.

On Monday, the index closed down by 59.53 points or 0.37 percent, at 16,016.14. The index scaled an intraday high of 16,089.33 and a low of 16,001.92.

The Gold Index is increasing 1.16 percent. Gold prices are falling Tuesday morning, due to concerns over the political situation in Italy.

Yamana Gold (YRI.TO) is gaining 3.19 percent and Barrick Gold (ABX.TO) is advancing 1.34 percent. Eldorado Gold (ELD.TO) is higher by 3.52 percent and Goldcorp (G.TO) is rising 1.73 percent. Kinross Gold (K.TO) is increasing 1.73 percent and IAMGOLD (IMG.TO) is climbing 3.95 percent. B2Gold (BTO.TO) is adding 2.66 percent.

The Capped Materials Index is up 1.12 percent. Agnico Eagle Mines (AEM.TO) is rising 4.54 percent and Franco-Nevada (FNV.TO) is gaining 0.56 percent.

The Energy Index is rising 0.88 percent. Crude oil prices are sharply lower Tuesday morning, extending last week's declines.

Imperial Oil (IMO.TO) is higher by 1.09 percent and Canadian Natural Resources (CNQ.TO) is rising 0.56 percent. Encana (ECA.TO) is climbing 1.42 percent and Cenovus Energy (CVE.TO) is adding 2.20 percent. Suncor Energy (SU.TO) is up 1.22 percent.

Crescent Point Energy (CPG.TO) is gaining 4.11 percent. The company has named C Bryska interim president and CEO.

The heavyweight Financial Index is decreasing 0.79 percent. National Bank of Canada (NA.TO) is weakening by 0.99 percent and Toronto-Dominion Bank (TD.TO) is losing 0.78 percent. Royal Bank of Canada (RY.TO) is surrendering 0.41 percent.

Bank of Nova Scotia (BNS.TO) is lower by 2.54 percent, despite turning in better-than-expected results on strong international earnings.

Bank of Montreal (BMO.TO) is declining 0.66 percent and Canadian Imperial Bank of Commerce is falling 0.64 percent. Hackers claimed that they were in possession of certain personal and financial information for a limited number of customers.

Canadian Pacific Railway (CP.TO) is trimming operations in anticipation of a strike this week. Shares are rising 0.67 percent.

Pembina Pipeline Corp. (PPL.TO) announced that based on strong year-to-date results, the company has updated its 2018 adjusted EBITDA guidance range to $2.65 to $2.75 billion. The stock is up 0.21 percent.

On the economic front, France's consumer sentiment remained unchanged again in May, survey results from the statistical office Insee said Tuesday. The consumer sentiment index held steady at 100 in May. Since February, the synthetic index has been at 100, its long term average.

In commodities, crude oil futures for June delivery are down 0.89 or 1.31 percent at $66.99 a barrel.

Natural gas for June is down 0.083 or 2.82 percent at $2.856 per million btu.

Gold futures for June are down 8.50 or 0.65 percent at $1,295.20 an ounce.

Silver for July is down 0.146 or 0.88 percent at $16.40 an ounce.

Read the original article on RTTNews (http://www.rttnews.com/2899500/stocks-are-little-changed-despite-weak-commodity-prices-canadian-commentary.aspx)

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

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