Canadian Stocks See-saw As Global Equities Tumble -- Canadian Commentary

(RTTNews) - Canadian stocks are bouncing back after a weak start Friday, with a report showing a bigger than expected rise in U.S. consumer sentiment triggering some buying at lower levels.

The market started off on a negative note, weighed down by worries about Chinese growth and a notable increase in U.S. inflation.

Energy stocks are moving up, tracking a rebound in crude oil prices. After recent gains, gold stocks are seeing some profit taking. Financial and industrial stocks are dragging the market down.

The benchmark S&P/TSX Composite Index is down 16.87 points or 0.12 percent at 14,291.13, coming off the day's low of 14,245.15.

On Thursday, the benchmark ended down 127.58 points or 0.88 percent at 14,308.00, after scaling a high of 14,444.94 intraday.

In corporate news, Finning International Inc. (FTT.TO) said that it expects consolidated revenues for the first quarter of 2014 to be approximately C$1.676 billion, up 8% over prior year quarter. The stock is down nearly 3 percent.

Exchange Income Corp. (EIF.TO) is down nearly 3 percent after the company said Canada Revenue Agency is proposing to reassess the company's income-tax filings related to its conversion to a corporation from an income trust nearly five years ago.

Entrec Corp. (ENT.V) is down more than 11 percent after it lowered its revenue guidance for the year ending December 31, 2014 to a range of C$230 - C$250 million from previous estimate of C$250 million - C$270 million.

Shares of Argent Energy Trust (AET.UN.TO) are down 0.6 percent. On Thursday, the company lowered its 2014 capital budget and its annual production guidance.

Painted Pony Petroleum Ltd. (PPY.TO) is up 0.8 percent on a rating upgrade following strong results.

Among energy stocks, Suncor Energy Inc. (SU.TO), Canadian Natural Resources Limited (CNQ.TO), Imperial Oil Limited (IMO.TO) and Canadian Oil Sands Limited (COS.TO) are down 0.5 to 1.4 percent.

Meanwhile, Crescent Point Energy Corp. (CPG.TO), Athabasca Oil Corporation (ATH.TO) and Encana Corporation (ECA.TO) are up 1.3 to 1.7 percent. Talisman Energy Inc. (TLM.TO) and Husky Energy Inc. (HSE.TO) are modestly higher.

Among big six banks, Royal Bank of Canada (RY.TO), Toronto-Dominion Bank (TD.TO) and Bank of Montreal (BMO.TO) are down 0.4 to 0.8 percent. Canadian Imperial Bank Of Commerce (CM.TO) and Bank of Nova Scotia (BNS.TO) are down marginally, while National Bank of Canada (NA.TO) is down 1.2 percent.

Top shares from the insurance section are weak. Manulife Financial Corporation (MFC.TO), Sun Life Financial Inc. (SLF.TO) and Power Corporation of Canada (POW.TO) are down 1 to 1.3 percent, while Fairfax Financial Holdings Limited (FFH.TO) is down 0.7 percent.

Industrial stocks Canadian National Railway Company (CNR.TO), Canadian Pacific Railway Limited (CP.TO), Progressive Waste Solutions Ltd. (BIN.TO), WestJet Airlines Ltd. (WJA.TO) and Stantec Inc. (STN.TO) are down 1 to 2 percent.

Healthcare stocks are mixed. Catamaran Corporation (CCT.TO) is modestly lower, while Valeant Pharmaceuticals International, Inc. (VRX.TO) and Extendicare Inc. (EXE.TO) are up 1 percent and 0.3 percent, respectively.

Among technology stocks, BlackBerry Limited (BB.TO), Celestica Inc. (CLS.TO), Constellation Software Inc. (CSU.TO) and Descartes Systems Group Inc. (DSG.TO) are down 0.5 to 1.2 percent. Meanwhile, Avigilon Corporation (AVO.TO) and Open Text Corporation (OTC.TO) are notably higher.

Lundin Mining Corporation (LUN) Barrick Gold Corporation (ABX)

In commodities, crude oil futures for May are up $0.70 or 0.68 percent at $104.10, as U.S. consumer sentiment rose to a nine-month high.

Natural gas for May is down $0.036 or 0.77 percent at $4.619 per million btu.

Meanwhile, gold prices are little changed, after rising to three-week highs in the previous session amid expectations that the Federal Reserve will keep low rates through 2015 and on volatility in global equity markets.

Gold for June delivery is down $4.50 or 0.34 percent at $1,316 an ounce.

Silver for May is down $0.113 or 0.56 percent at $19.978 an ounce, swinging between $19.913 and $20.127 an ounce.

Meanwhile, copper is up $0.007 or 0.22 percent at $3.038 per pound.

In the currency market, the Canadian loonie is trading at 1.0959 against the greenback, down 0.22 percent from previous close.

In economic news from the U.S., the Labor Department said its producer price index for final demand advanced by 0.5 percent in March after edging down by 0.1 percent in February. Economists had been expecting the index to tick up by 0.1 percent.

Core producer prices, which exclude food and energy, also rose by 0.6 percent in March following a 0.2 percent drop in the previous month. Core prices had been expected to rise by 0.2 percent.

Meanwhile, a report from Thomson Reuters and the University of Michigan revealed that consumer sentiment in the U.S. hit a nine-month high, rising to 82.6 in April, from final March reading of 80.0. Economists had expected the index to inch up to a reading of 81.0.

Asian markets ended weak. Major European markets are notably lower, tracking Wall Street's fall on Thursday and amid valuation concerns for technology stocks.