Canadian Stocks Are Struggling In Early Trade -- Canadian Commentary

(RTTNews) - The Canadian stock market is down in early trade Monday, after returning to action following the long weekend. Mining and energy stocks are turning in a weak performance this morning, due to weakness in commodity prices. Trading action remains thin after the Easter holiday, with markets in Europe remaining closed for Easter Monday.

Markets in the United States are struggling to find direction in early trade. U.S. economic data was positive this morning, with a slightly bigger than expected increase in personal income and a bigger than expected increase in U.S. pending home sales. However, investors may be looking forward to Tuesday's speech from Federal Reserve Chair Janet Yellen and the release of the U.S. jobs report on Friday.

The benchmark S&P/TSX Composite Index is down 63.68 points or 0.48 percent at 13,294.43.

On Thursday, the index closed down 21.37 points or 0.16 percent, at 13,358.11. The index scaled an intraday high of 13,358.11 and a low of 13,255.47.

The Diversified Metal and Mining Index is dropping 3.30 percent. First Quantum Minerals (FM.TO) is falling 5.01 percent and Lundin Mining (LUN.TO) is down 1.24 percent. HudBay Minerals (HBM.TO) is decreasing 1.81 percent and Teck Resources (TCK-B.TO) is declining 3.08 percent. Sherritt International (S.TO) is surrendering 3.66 percent.

The Gold Index is losing 1.42 percent. Gold prices are down Monday, extending losses from last week amid talk of an April U.S. rate hike. Some Federal Reserve officials have indicated that further tightening will be considered when the central bank meets in a few weeks.

IAMGOLD (IMG.TO) is declining 1.81 percent and Goldcorp (G.TO) is falling 2.20 percent. B2Gold (BTO.TO) is losing 0.95 percent and Kinross Gold (K.TO) is weakening by 1.75 percent. Barrick Gold (ABX.TO) is decreasing 0.78 percent and Yamana Gold (YRI.TO) is down 2.56 percent. Royal Gold (RGL.TO) is lower by 1.48 percent and Eldorado Gold (ELD.TO) is slipping 0.74 percent.

The Capped Materials Index is also down 1.42 percent. Agnico Eagle Mines (AEM.TO) is declining 1.76 percent and Franco-Nevada (FNV.TO) is falling 2.14 percent. Silver Wheaton (SLW.TO) is losing 0.88 percent and Agrium (AGU.TO) is decreasing 0.73 percent. Potash Corp. of Saskatchewan (POT.TO) is surrendering 0.88 percent.

The Energy Index is down 1.38 percent. Crude oil prices have turned lower, reversing early gains.

Encana (ECA.TO) is weakening by 3.57 percent and Crescent Point Energy (CPG.TO) is falling 1.85 percent. Canadian Natural Resources (CNQ.TO) is losing 1.93 percent and Suncor Energy (SU.TO) is lower by 1.14 percent. Cenovus Energy (CVE.TO) is declining 0.71 percent. Pacific Exploration & Production (PRE.TO) is surrendering 1.43 percent. Enbridge (ENB.TO) is dipping 0.42 percent and Imperial Oil (IMO.TO) is decreasing 0.64 percent.

The Capped Health Care Index is lower by 1.17 percent. Valeant Pharmaceuticals International (VRX.TO) is losing 5.51 percent and Concordia Healthcare (CXR.TO) is falling 2.11 percent.

The Capped Industrials Index is losing 0.69 percent. Canadian Pacific Railway is falling 1.43 percent and Canadian National Railway (CNR.TO) is declining 1.19 percent. Finning International (FTT.TO) is down 1.16 percent and AutoCanada (ACQ.TO) is decreasing 0.98 percent.

The Capped Telecommunication Services Index is losing 0.03 percent. BCE (BCE.TO) is down 0.17 percent and Rogers Communication (RCI-A.TO) is falling 0.14 percent.

The heavyweight Financial Index is increasing 0.16 percent. National Bank of Canada (NA.TO) is increasing 1.01 percent and Royal Bank of Canada (RY.TO) is adding 0.04 percent. Toronto-Dominion Bank (TD.TO) is climbing 0.07 percent and Bank of Montreal (BMO.TO) is up 0.04 percent.

The Capped Information Technology Index is rising 0.15 percent. Constellation Software (CSU.TO) is higher by 1.03 percent and Descartes Systems Group (DSG.TO) is up 0.33 percent.

Fairfax Financial Holdings (FFH.TO) has agreed to buy a Bangalore airport stake for nearly $323-million. The stock is rising 0.06 percent.

TSO3 (TSO.TO) is climbing 4.83 percent, after it received FDA 510(k) clearance from the U.S. FDA for a universal design of its STERIZONE VP4 Sterilizer.

On the economic front, China's industrial profits recovered in the first two months of 2016, the National Bureau of Statistics revealed Sunday. Industrial profits advanced 4.8 percent in January and February from the same period of last year. Profits totaled CNY 780.7 billion.

China's trade deficit in services decreased in February, data from the State Administration of Foreign Exchange showed Monday. The trade gap narrowed to $16 billion from $20.7 billion in January.

Personal income in the U.S. increased by slightly more than expected in the month of February, according to a report released by the Commerce Department on Monday. The report said personal income rose by 0.2 percent in February after climbing by 0.5 percent in January. Economists had expected income to tick up by 0.1 percent.

The Commerce Department also said personal spending inched up by 0.1 percent in February, matching the downwardly revised uptick seen in January. The slight increase in spending matched economist estimates, although spending in January was downwardly revised from the originally reported 0.5 percent growth.

Partly reflecting strong growth in the Midwest, the National Association of Realtors released a report on Monday showing a bigger than expected increase in U.S. pending home sales in the month of February. NAR said its pending home sales index climbed 3.5 percent to 109.1 in February from a downwardly revised 105.4 in January. Economists had expected the index to increase by about 1.5 percent.

In commodities, crude oil futures for April delivery are down 0.32 or 0.81 percent at $39.14 a barrel.

Natural gas for April is up 0.004 or 0.22 percent at $1.81 per million btu.

Gold futures for April are down $3.20 or 0.26 percent at $1,218.40 an ounce.

Silver for May is up $0.051 or 0.34 percent at $15.25 an ounce.