Canadian Stocks Have Climbed Into The Green -- Canadian Commentary

(RTTNews) - The Canadian stock market was under pressure early Monday, but has recouped early losses and has managed to turn positive. Crude oil prices were under heavy pressure this morning after the highly anticipated meeting of oil producing nations in Doha concluded without an agreement to freeze production. Energy stocks have pared those early losses over the course of the morning and have now turned modestly positive.

Markets in Europe have climbed back near unchanged levels, after recovering from early weakness. The markets have recouped early losses as crude oil prices have pared early weakness.

Similarly, markets in the United States got off to a weak start, but have since climbed into positive territory. Investors are also bracing themselves from a large number of corporate financial results this week.

The benchmark S&P/TSX Composite Index is up 49.18 points or 0.36 percent at 13,686.38.

On Friday, the index closed down 31.09 points or 0.23 percent, at 13,637.20. The index scaled an intraday high of 13,657.56 and a low of 13,596.15.

The Diversified Metal and Mining Index is climbing 1.87 percent. First Quantum Minerals (FM.TO) is increasing 2.80 percent and Teck Resources (TCK-B.TO) is gaining 2.57 percent. HudBay Minerals (HBM.TO) is up 3.52 percent and Capstone Mining (CS.TO) is rising 10.71 percent.

The Capped Health Care Index is higher by 0.92 percent. Valeant Pharmaceuticals International (VRX.TO) is gaining 0.97 percent and Concordia Healthcare (CXR.TO) is climbing 3.88 percent. Extendicare (EXE.TO) is also up 0.44 percent.

The Capped Information Technology Index is rising 0.28 percent. Constellation Software (CSU.TO) is up 0.32 percent and BlackBerry (BB.TO) is higher by 0.88 percent. Descartes Systems Group (DSG.TO) is climbing 0.59 percent and Sierra Wireless (SW.TO) is adding 0.15 percent.

The Capped Industrials Index is gaining 0.32 percent. Canadian Pacific Railway (CP.TO) is higher by 0.20 percent and Canadian National Railway (CNR.TO) is rising 0.60 percent. Air Canada (AC.TO) is increasing 0.92 percent and Finning International (FTT.TO) is advancing 0.75 percent.

The Capped Materials Index is up 0.33 percent. Agrium (AGU.TO) is higher by 0.18 percent and Potash Corp. of Saskatchewan (POT.TO) is rising 0.81 percent.

The heavyweight Financial Index is increasing 0.07 percent. Royal Bank of Canada (RY.TO) is higher by 0.19 percent and National Bank of Canada (NA.TO) is advancing 0.09 percent. Bank of Montreal (BMO.TO) is rising 0.10 percent.

The Capped Telecommunication Services Index is rising 0.02 percent. TELUS (T.TO) is advancing 0.32 percent and Rogers Communication (RCI-B.TO) is up 0.28 percent.

The Energy Index is up 0.24 percent. Crude oil prices are down slightly this morning after a meeting in Doha involving oil-producing nations over the weekend ended without an agreement to freeze oil production.

Suncor Energy (SU.TO) is advancing 0.11 percent and Imperial Oil (IMO.TO) is increasing 0.45 percent. Crescent Point Energy (CPG.TO) is gaining 0.53 percent and Canadian Natural Resources (CNQ.TO) is rising 1.36 percent. Enbridge (ENB.TO) is higher by 1.29 percent.

Husky Energy (HSE.TO) is falling 1.37 percent. The company has commenced production at its Edam East Lloyd Thermal Project in Saskatchewan.

The Gold Index is declining 0.24 percent. Gold prices have slipped back near unchanged levels, after giving back early gains. Goldcorp (G.TO) is falling 0.51 percent.

Transition Therapeutics (TTH.TO) is sinking 32.69 percent. The company has received notification that Eli Lilly and Co. (LLY) will not elect to advance diabetes drug candidate, TT401 into Phase 3 development.

On the economic front, home prices in majority of the Chinese cities increased again in March, figures from the National Bureau of Statistics showed Monday. Compared to the previous month, house prices rose 62 cities out of 70 surveyed by the government. It fell in remaining 8 cities.

The average asking price for a house in the United Kingdom was up 1.3 percent on month in April, property tracking website Rightmove said on Monday, climbing to a record 307,033 pounds. That follows the 1.3 percent increase in March.

Homebuilder confidence in the U.S. was unchanged for the second consecutive month in April, the National Association of Home Builders revealed in a report on Monday. The report said the NAHB/Wells Fargo Housing Market Index came in at 58 in April, unchanged from March. The index had been expected to inch up to 59.

In commodities, crude oil futures for May delivery are down 1.17 or 2.90 percent at $39.19 a barrel.

Natural gas for May is up 0.008 or 0.42 percent at $1.91 per million btu.

Gold futures for June are up $0.90 or 0.07 percent at $1,235.50 an ounce.

Silver for May is down $0.073 or 0.45 percent at $16.24 an ounce.