20.05.2016 17:07:57
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Canadian Stocks Are Taking Part In Global Recovery -- Canadian Commentary
(RTTNews) - After ending the previous session basically flat, the Canadian stock market is logging a substantial gain in early trade Friday. Markets around the globe are recovering after the sharp pull back for the last few sessions. Investor concerns over the prospect of a June interest rate increase by the Federal Reserve triggered the recent sell-off.
Commodity prices have show signs of stabilization this morning, following their recent slide. A strengthening U.S. dollar has driven commodity prices lower in recent days.
Markets in Europe are trading firmly to the upside Friday, as they attempt to recover from yesterday's steep losses. Positive cues from the Asia and a stabilization in commodity prices has contributed to the positive mood among investors.
Markets in the United States are also on the rise this morning. Investors are stepping in to snap up stocks at bargain prices. The losses posted in the previous session dragged the Dow and the Nasdaq to 2-month closing lows, while the S&P 500 hits its lowest closing level in well over a month.
The benchmark S&P/TSX Composite Index is up 92.58 points or 0.67 percent at 13,909.90.
On Thursday, the index closed down 8.69 points or 0.06 percent, at 13,817.32. The index scaled an intraday high of 13,817.32 and a low of 13,690.16.
The Diversified Metal and Mining Index is advancing 1.89 percent. HudBay Minerals (HBM.TO) is increasing 1.18 percent and First Quantum Minerals (FM.TO) is climbing 2.90 percent. Lundin Mining (LUN.TO) is rising 0.72 percent and Sherritt International (S.TO) is adding 1.30 percent. Teck Resources (TCK-B.TO) is also rising 2.36 percent.
The Capped Information Technology Index is rising 0.98 percent. Descartes Systems Group (DSG.TO) is up 2.58 percent and Avigilon (AVO.TO) is increasing 0.85 percent. BlackBerry (BB.TO) is advancing 1.94 percent and Sierra Wireless (SW.TO) is gaining 2.71 percent.
The Capped Industrials Index is gaining 0.81 percent. Canadian National Railway (CNR.TO) is higher by 1.03 percent and Canadian Pacific Railway (CP.TO) is increasing 1.13 percent. Air Canada (AC.TO) is advancing 1.71 percent and Finning International (FTT.TO) is rising 0.85 percent.
Bombardier (BBD-B.TO) is falling 0.25 percent. The company announced that it will deliver 16 streetcars to Toronto by the end of this year, 40 in 2017, 76 in 2018, and 57 in 2019.
The Capped Telecommunication Services Index is up 0.77 percent. TELUS (T.TO) is gaining 0.72 percent and Rogers Communication (RCI-B.TO) is climbing 0.70 percent. BCE (BCE.TO) is rising 0.55 percent and Manitoba Telecom Services (MBT.TO) is increasing 1.08 percent.
The heavyweight Financial Index is increasing 0.68 percent. Royal Bank of Canada (RY.TO) is rising 0.59 percent and National Bank of Canada (NA.TO) is higher by 1.05 percent. Bank of Nova Scotia (BNS.TO) is advancing 1.02 percent and Toronto-Dominion Bank (TD.TO) is gaining 0.57 percent. Bank of Montreal (BMO.TO) is up 0.47 percent and Canadian Imperial Bank of Commerce (CM.TO) climbing 0.60 percent.
The Capped Healthcare Index is gaining 0.95 percent. Extendicare (EXE.TO) is up 1.18 percent.
Valeant Pharmaceuticals International (VRX.TO) is climbing 4.09 percent. The company has received a notice of default from the trustee under one of its senior note indentures as a result of the delay in Valeant filing its Form 10-Q for the period ended March 31, 2016.
The Energy Index is up 0.43 percent. Crude oil prices are down slightly Friday morning, slipping below $48 a barrel.
Crescent Point Energy (CPG.TO) is gaining 0.64 percent and Suncor Energy (SU.TO) is up 0.47 percent. Cenovus Energy (CVE.TO) is rising 0.42 percent and Husky Energy (HSE.TO) is increasing 2.56 percent. Imperial Oil (IMO.TO) is climbing 0.54 percent and Canadian Natural Resources (CNQ.TO) is adding 1.42 percent. Enbridge (ENB.TO) is advancing 0.94 percent.
The Gold Index is declining 1.10 percent. Gold prices are nearly flat Friday morning after mid-week losses brought on by hawkish signs from the Federal Reserve.
Yamana Gold (YRI.TO) is decreasing 2.24 percent and Goldcorp (G.TO) is losing 0.62 percent. Barrick Gold (ABX.TO) is falling 1.35 percent and Royal Gold (RGL.TO) is down 0.64 percent. Eldorado Gold (ELD.TO) is declining 0.84 percent and B2Gold (BTO.TO) is lower by 1.13 percent. IAMGOLD (IMG.TO) is also surrendering 2.90 percent.
The Capped Materials Index is also down 0.14 percent. Franco-Nevada (FNV.TO) is decreasing 0.29 percent and Agnico Eagle Mines (AEM.TO) is lower by 0.99 percent. Silver Wheaton (SLW.TO) is falling 0.80 percent.
On the economic front, Canadian retail sales fell by more than expected in March. Statistics Canada reported this morning that retail sales dropped 1.0 percent to C$43.8 billion. Economists had expected a decrease of 0.6 percent.
A separate report from Statistics Canada showed that the Canadian consumer price index rose 0.2 percent in April, on a month over month basis. On a year over year basis, the index increased 1.7 percent, which was in line with expectations.
The Eurozone current account surplus increased to a 4-month high in March, the European Central Bank said Friday. The current account surplus rose to EUR 27.3 billion in March from EUR 19.2 billion in February. This was the highest level since November.
Germany's producer prices continued to drop in April, figures from Destatis revealed Friday. Producer prices declined 3.1 percent in April from last year, the same pace of decrease as seen in March but slightly faster than the 3 percent fall forecast by economists.
British industrial orders improved slightly in May, the Industrial Trends Survey from the Confederation of British Industry showed Friday. The order balance rose to -8 percent in May from -11 percent in April. It was forecast to fall to -13 percent.
In commodities, crude oil futures for June delivery are down 0.25 or 0.52 percent at $47.91 a barrel.
Natural gas for June is up 0.033 or 1.62 percent at $2.072 per million btu.
Gold futures for June are down $1.30 or 0.10 percent at $1,253.50 an ounce.
Silver for July is up $0.052 or 0.32 percent at $16.545 an ounce.
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