TSX Ends Higher On Global Cues -- Canadian Commentary

(RTTNews) - Canadian stocks ended higher on Friday, tracking rising global equity markets and led by energy and industrial stocks. Investors shrugged off the brewing geopolitical tensions following the shooting down of a Malaysian Airlines passenger jet killing all 298 people on board.

Investors also ignored a couple of disappointing U.S. economic reports, after a Thomson Reuters and University of Michigan report showed consumer sentiment to have unexpectedly deteriorated in July. Separately, the Conference Board's leading economic index showed economic activity in the U.S. to have risen less than expected in June.

Meanwhile, data from Statistics Canada showed Canadian consumer price inflation to have hit a new 2-year high of 2.4 percent in June.

The S&P/TSX Composite Index closed Friday at 15,266.57, up 62.09 points or 0.41 percent. The index scaled an intraday high of 15,291.15 and a low of 15,179.26.

On Thursday, the index ended lower on escalating geopolitical tensions in Ukraine as well as the turmoil in Gaza.

Crude oil ended end slightly lower as supply disruption concerns persisted, after the two percent jump yesterday on escalating tensions following a Malaysian Airlines passenger jet crash, shot down in eastern Ukraine near the border with Russia.

The Energy Index gained 1.05 percent, with U.S. crude oil futures for August delivery, the most actively traded contract, shedding $0.06 to close at $103.19 a barrel Friday on the Nymex.

Among energy stocks, Canadian Natural Resources Ltd. (CNQ.TO) added 1.83 percent, Talisman Energy Inc. (TLM.TO) gained 1.61 percent, Suncor Energy Inc.(SU.TO) added 0.77 percent, Cenovus Energy Inc. (CVE.TO) advanced 0.72 percent, and Encana Corp. (ECA.TO) gathered 1.40 percent.

Ivanhoe Energy Inc. (IE.TO) plunged 8.62 percent after asking shareholders to consider consolidation of the company's shares on the Nasdaq.

The Financial Index added 0.24 percent with Toronto-Dominion Bank up 0.18 percent, National Bank of Canada (NA.TO) up 1.53 percent, Bank of Nova Scotia (BNS.TO) up 0.16 percent, Royal Bank of Canada (RY.TO) shed 0.10 percent, Bank of Montreal (BMO.TO) added 0.43 percent, and Canadian Imperial Bank Of Commerce (CM.TO) moved up 0.10 percent.

The Capped Healthcare Index moved up 0.12 percent with Catamaran Corp. (CCT.TO) gaining 0.11 percent and Valeant Pharmaceuticals International, Inc. (VRX.TO) moving up 0.06 percent.

Gold futures ended lower on profit taking after yesterdays significant spike tracking declining global equity markets and brewing tensions over the Malaysian Airlines passenger plane crash in eastern Ukraine.

Global Gold Index shed 0.64 percent, with gold futures for August delivery shedding $7.50 or 0.6 percent to close at $1,309.40 an ounce Friday on the Nymex.

Among gold stocks, Yamana Gold Inc. (YRI.TO) shed 1.55 percent, Kinross Gold Corp. (K.TO) slipped 1.54 percent, Eldorado Gold Corp. (ELD.TO) dropped 0.86 percent, Goldcorp Inc. (G.TO) fell 0.79 percent, and Barrick Gold Corp. (ABX.TO) edged down 0.05 percent.

The Capped Materials Index dropped 0.48 percent on gold mining stocks, with Potash Corp. of Saskatchewan Inc. (POT.TO) edging up 0.34 percent.

The Diversified Metals & Mining Index shed 1.20 percent, with Lundin Mining Corp. (LUN.TO) down 1.30 percent, Teck Resources Limited (TCK.B.TO) down 1.37 percent, and First Quantum Minerals Ltd. (FM.TO) down 1.12 percent.

The Information Technology Index added 0.87 percent with BlackBerry Limited (BB.TO) up 2.57 percent, CGI Group Inc. (GIB.A.TO) up 0.68 percent, Constellation Software Inc. (CSU.TO) down 0.35 percent, and Avigilon Corp. (AVO.TO) up 0.09 percent.

The Capped Industrials Index jumped 1.72 percent, with Canadian Pacific Railway Ltd. (CP: TO) up 3.34 percent following its upbeat second-quarter earnings, and Bombardier Inc. (BBD.B.TO) up 1.61 percent.

The Capped Telecommunications Index added 0.31 percent, with Rogers Communications Inc. (RCI.B.TO) up 0.53 percent, and Telus Corp. (T.TO) up 0.57 percent.

In economic news from the U.S., a report from Thomson Reuters and the University of Michigan showed consumer sentiment to have unexpectedly deteriorated in the month of July, coming in at 81.3, compared to the final June reading of 82.5. Economists had expeced the consumer sentiment index to edge up to a reading of 83.0.

Meanwhile, the Conference Board said that its leading economic index rose 0.3 percent in June, following an upwardly revised 0.7 percent increase in May. Economists had been expecting the index to climb by 0.5 percent, matching the increase originally reported for the previous month.

In China, new house prices in most cities declined in June, data from the National Bureau of Statistics showed Friday. Average new home prices in 55 of the 70 cities in China declined compared to the previous month.

Meanwhile, the euro area current account surplus declined in May as income and surplus on visible trade decreased from April, the European Central Bank said Friday. The current account surplus dropped to a seasonally adjusted EUR 19.5 billion from EUR 21.6 billion in April.