06.04.2015 23:44:36

TSX Ends Higher As Engergy, Gold Stocks Rise -- Canadian Commentary

(RTTNews) - Canadian stocks ended higher for a third straight session on Monday, tracking rising global equity markets as surging commodity prices helped drive energy and gold stocks up. The uptick comes despite some soft jobs data from the U.S. with employment rising in March, albeit much lesser than expected.

Markets in the United States ended higher with all major averages posting gains, notwithstanding the disappointing March jobs report on Friday. Markets in Europe were closed for Easter and will reopen on Tuesday.

In the latest in a recent string of disappointing economic data, a Labor Department report on Friday showed employment in the U.S. rose much lesser than expected in March, with non-farm payroll employment rising by 126,000 jobs following a downwardly revised increase of 264,000 jobs in February. Economists expected employment to increase by about 245,000 jobs compared to the addition of 295,000 jobs originally reported for the previous month.

Meanwhile, the report said the unemployment rate held at a six-year low of 5.5 percent in March, unchanged from February and in line with economists' estimates.

The benchmark S&P/TSX Composite Index closed Monday at 15,100.65, up 74.03 points or 0.49 percent. The index scaled an intraday high of 15,160.72 and a low of 15,016.49.

On Thursday, the index closed up 84.07 points or 0.56 percent, at 15,026.62. The index scaled an intraday high of 15,070.31 and a low of 14,912.33. Markets were closed on Friday on account of Good Friday.

Gold futures ended higher after investors turned to the precious metal after some soft U.S. jobs data, with employment rising much lesser than expected in March and the dollar trending lower against the euro.

The Gold Index gained 2.95 percent, with gold for April delivery surging $17.70 or 1.5 percent to settle at $1,218.60 an ounce on the New York Mercantile Exchange Monday.

Goldcorp Inc. (G.TO) gained 1.77 percent, after selling 40 percent interest in the South Arturo Mine Project located in Nevada to Premier Gold Mines (PG.TO).

Among other gold stocks, Kinross Gold Corp (K.TO) climbed 4.47 percent, Eldorado Gold Corp. (ELD.TO) added 1.64 percent, Barrick Gold Corp. (ABX.TO) surged 5.28 percent, and Yamana Gold Inc. (YRI.TO) gained 3.20 percent.

Crude oil surged to end at a seven-week high on Monday, with investors seeing no immediate oversupply threats as it could take several months for Iran to ramp up crude oil production for export, following a deal with western powers over its nuclear program. Crude prices also found support after Saudi Arabia increased its prices for sales to Asia.

The Energy Index jumped 1.95 percent, with U.S. crude oil futures for May delivery, the most actively traded contract, soaring $3.00 or 6.1 percent to settle at $52.14 a barrel on the New York Mercantile Exchange Monday.

Among energy stocks, Canadian Oil Sands Limited (COS.TO) added 4.82 percent, Suncor Energy Inc. (SU.TO) moved up 0.18 percent, and Canadian Natural Resources Limited (CNQ.TO) gained 0.59 percent. Crescent Point Energy Corp. (CPG.TO) added 3.22 percent, while Cenovus Energy Inc. (CVE.TO) gathered 0.09 percent.

Encana Corp. (ECA.TO) gained 0.69 percent, while Pacific Rubiales Energy Corp. (PRE.TO) added 0.98 percent.

The Diversified Metals & Mining Index added 2.26 percent, as First Quantum Minerals Ltd. (FM.TO) inched up 0.06 percent, and Lundin Mining Corp. (LUN.TO) shed 0.77 percent.

Capstone Mining (CS.TO) gained 2.44 percent and HudBay Minerals (HBM.TO) added 2.48 percent. Finning International (FTT.TO) jumped 4.01 percent, while Sherritt International (S.TO) jumped 5.71 percent.

Teck Resources (TCK.A.TO) gained 1.46 percent, even as the company reported yesterday a flash fire in the dryer complex at the company's Greenhills Operations near Elkford British Columbia. The fire was quickly extinguished.

The Capped Materials Index gained 1.90 percent, mainly on rising gold stocks, with Potash Corp. of Saskatchewan Inc. (POT.TO) shedding 0.39 percent and Agrium Inc. (AGU.TO) dropping 0.65 percent.

The heavyweight Financial Index moved up 0.11 percent, with Bank of Nova Scotia (BNS.TO) up 0.08 percent and Bank of Montreal (BMO.TO) inching up 0.09 percent.

National Bank of Canada (NA.TO) added 0.89 percent, Royal Bank of Canada (RY.TO) added 0.35 percent. Toronto-Dominion Bank (TD.TO) shed 0.06 percent, while Canadian Imperial Bank of Commerce (CM.TO) gathered 0.20 percent.

The Capped Health Care Index shed 0.33 percent, with Extendicare (EXE.TO) down 0.80 percent, Valeant Pharmaceuticals International, Inc. (VRX.TO) down 1.0 percent, and Catamaran Corp. (CCT.TO) lost 0.75 percent.

The Capped Industrials Index dropped 0.39 percent, as Bombardier Inc. (BBD.B.TO) added 1.59 percent, and Air Canada (AC.TO) dropped 1.49 percent. Canadian Pacific Railway (CP.TO) fell 1.51 percent and Canadian National Railway (CNR.TO) lost 1.40 percent.

The Information Technology Index added 1.29 percent, as BlackBerry (BB.TO) advanced 2.64 percent and Constellation Software Inc. (CSU.TO) gained 2.78 percent. Sierra Wireless, Inc. (SW.TO) added 1.46 percent, while Descartes Systems Group Inc. (DSG.TO) gained 2.04 percent.

The Capped Telecommunication Index moved up 0.48 percent, with Rogers Communications Inc. (RCI.B.TO) dipping 0.05 percent, BCE Inc. (BCE.TO) down 0.33 percent, and TELUS Corp. (T.TO) inching down 0.05 percent. Manitoba Telecom Services Inc. (MBT.TO) gained 2.36 percent.

Pattern Energy Group Inc. (PEG.TO) gained 2.71 percent, after lifting its growth target for cash available for distribution per share to a compound annual growth rate of 12-15 percent for the next three years.

WestJet Airlines Ltd. (WJA.TO) shed 4.33 percent, after the company revealed a March load factor of 81.3 percent, down 2.7 percentage points from 84.0 percent a year ago.

UrtheCast Corp. (UR.TO) added 5.10 percent, after it signed a contract valued at approximately US$9 million, to provide a range of engineering services and related space hardware to an international customer.

In other economic news, growth in U.S. services sector slowed in March with a slowdown in production contributing to the decreased pace of growth. Nevertheless, March also saw a pick up in new orders, with prices and employment expanding as well.

The Institute for Supply Management said its index of non-manufacturing activity for the U.S. came in at 56.5 for March, down from the level of 56.9 seen in the previous month. The reading represented the slowest growth for the non-manufacturing segment this year, similar to the result seen in December.

Meanwhile, the new orders index climbed to 57.8 in the month, compared to a reading of 56.7 in the previous month. The employment index ticked up to 56.6 from 56.4. The prices index rose to 52.4 from 49.7 in the previous month, after a contraction in February.

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