Canadian Stocks Are Rising As Crude Prices Head Higher -- Canadian Commentary

(RTTNews) - The Canadian stock market is climbing in early trade Wednesday, as it attempts to rebound from the losses of the past few sessions. Energy stocks are leading the way higher this morning. Crude oil prices are rising on hopes for a deal to curb production at today's informal OPEC meeting.

Markets in Europe are trading firmly in the green Wednesday, following three days of losses. Bank stocks have halted their recent slide and are recovering some of their losses. Energy stocks are also gaining ground as OPEC gathers for a meeting in Algiers.

Markets in the United States began Wednesday's session with a slight gain, but have since slipped back near the flat line. Investors are keeping an eye on the testimony and Q&A of Fed Chair Janet Yellen before the House Financial Services Committee. A number of other Fed officials are also scheduled to speak today, including Cleveland's Loretta Mester and Kansas City's Esther George, who both voted to raise interest rates at the last meeting.

The benchmark S&P/TSX Composite Index is up 65.61 points or 0.45 percent at 14,623.65.

On Tuesday, the index closed down 61.42 points or 0.42 percent, at 14,558.04. The index scaled an intraday high of 14,599.11 and a low of 14,518.43.

The Energy Index is up 0.96 percent. Crude oil prices are slightly higher Wednesday morning, rising back above $45 a barrel as OPEC gathered in Algiers to discuss curbing production.

Russia has already said they will agree to limit output if the cartel does likewise. Still, traders remain skeptical that Iran and some other key producers will go along with OPEC.

The U.S. EIA also reported this morning that U.S. crude inventories dropped 1.9 million barrels last week.

Cenovus Energy (CVE.TO) is gaining 0.17 percent and Encana (ECA.TO) is advancing 1.02 percent. Crescent Point Energy (CPG.TO) is rising 0.43 percent and Canadian Natural Resources (CNQ.TO) is climbing 1.45 percent. Suncor Energy (SU.TO) is increasing 0.91 percent and Enbridge (ENB.TO) is adding 0.42 percent. Husky Energy (HSE.TO) is higher by 0.59 percent and Imperial Oil (IMO.TO) is up 2.52 percent.

The Capped Information Technology Index is rising 0.84 percent. Sierra Wireless (SW.TO) is advancing 1.14 percent and Descartes Systems Group (DSG.TO) is increasing 0.21 percent.

BlackBerry (BB.TO) is climbing 5 percent. The company reported a 31.8 percent drop in 2nd-quarter revenue. The smartphone maker swung to net loss from year-earlier profit. BlackBerry also revised upward its non-GAAP EPS outlook for the full year to a range of breakeven to a five cent loss.

The heavyweight Financial Index is increasing 0.65 percent. Royal Bank of Canada (RY.TO) is up 0.77 percent and Bank of Nova Scotia (BNS.TO) is rising 0.91 percent. Bank of Montreal (BMO.TO) is higher by 0.86 percent and Toronto Dominion Bank (TD.TO) is adding 0.65 percent. National Bank of Canada (NA.TO) is climbing 0.48 percent and Canadian Imperial Bank of Commerce (CM.TO) is gaining 0.59 percent.

The Capped Industrials Index is gaining 0.63 percent. Canadian National Railway (CNR.TO) is higher by 0.63 percent and Canadian Pacific Railway (CP.TO) is increasing 1.33 percent. Bombardier (BBD-B.TO) is climbing 1.89 percent and AutoCanada (ACQ.TO) is rising 1.58 percent.

Air Canada (AC.TO) is advancing 2.75 percent. The company announced Toronto-Mumbai 787 Dreamliner service.

The Capped Materials Index is up 0.13 percent. Agnico Eagle Mines (AEM.TO) is rising 0.28 percent and Silver Wheaton (SLW.TO) is adding 0.06 percent. Agrium (AGU.TO) is gaining 0.29 percent and Potash Corp. of Saskatchewan (POT.TO) is increasing 0.76 percent.

The Capped Telecommunication Services Index is up 0.09 percent. BCE (BCE.TO) is rising 0.25 percent and TELUS (T.TO) is higher by 0.28 percent.

Rogers Communication (RCI-B.TO) is increasing 0.12 percent. Rogers Media announced that it has entered into an agreement to acquire Tillsonburg Broadcasting.

The Gold Index is lower by 0.46 percent. Gold prices are little changed Wednesday morning ahead of speeches from some top Federal Reserve officials.

Goldcorp (G.TO) is falling 0.75 percent and Kinross Gold (K.TO) is losing 0.36 percent.

The Capped Healthcare Index is lower by 0.19 percent. Concordia Healthcare (CXR.TO) is dropping 1.88 percent and Valeant Pharmaceuticals International (VRX.TO) is declining 0.87 percent.

Fortis (FTS.TO) is decreasing 0.71 percent. The company declared a fourth quarter dividend of $0.40 per share.

Lundin Mining (LUN.TO) is rising 1.55 percent. The company has received a further extension to acquire Freeport's indirect interest in TF Holdings.

On the economic front, German consumer confidence is set to drop in October due to rising terror threat and the decision taken by the British public to leave the European Union, survey data from GfK showed Wednesday.

The forward-looking consumer sentiment index fell to 10.0 in October from 10.2 in September. The score was forecast to remain unchanged at 10.2.

French consumer sentiment remained unchanged in September, survey data from the statistical office Insee showed Wednesday. The consumer confidence index held steady at 97. The score remained below its long-term average of 100.

With an increase in orders for transportation equipment offset by decreases in orders for other manufactured goods, the Commerce Department released a report on Wednesday showing that new orders for U.S. manufactured durable goods came in flat in August.

The Commerce Department said durable goods orders were virtually unchanged in August after jumping by a revised 3.6 percent in July. Economists had expected orders to pull back by about 1.4 percent compared to the 4.4 percent spike that had been reported for the previous month.

In commodities, crude oil futures for October delivery are up 0.66 or 1.48 percent at $45.33 a barrel.

Natural gas for October is down 0.07 or 2.34 percent at $2.926 per million btu.

Gold futures for December are down $4.30 or 0.32 percent at $1,326.10 an ounce.

Silver for December is down $0.015 or 0.08 percent at $19.15 an ounce.