24.04.2015 23:25:07
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TSX Settles Modestly Higher On Mining Stocks -- Canadian Commentary
(RTTNews) - Canadian stocks ended modestly higher for a second straight session on Friday, tracking rising global equity markets, as declines in energy and gold stocks were offset by strength in mining and other sectors. Gold, and energy stocks were among the weakest performing stocks as commodity prices came under pressure.
Most European markets ended in the green, after German business confidence improved for the sixth consecutive month in April.
While a deal was not reached at today's meeting of eurozone finance ministers, investors are optimistic of an agreement soon after German Chancellor Angela Merkel stated that she had a "constructive" meeting with Greek Prime Minister Alexis Tsipras.
Markets in the United States ended on a positive note, with gains in Nasdaq leading the charge. Better than expected quarterly results from tech giants such as Microsoft, Google and Amazon.com have provided a boost to the tech heavy index. Durable goods orders also came in stronger than anticipated this morning.
In some upbeat economic news, new orders for U.S. manufactured durable goods in March increased 4.0 percent, much more than expected, a report from the Commerce Department showed Friday. The jump was attributed primarily to strength in the volatile transportation sector.
The benchmark S&P/TSX Composite Index closed Friday at 15,408.33, up 15.98 points or 0.10 percent. The index scaled an intraday high of 15,440.36 and a low of 15,367.99.
On Thursday, the index closed up 87.58 points or 0.57 percent, at 15,392.35. The index scaled an intraday high of 15,425.81 and a low of 15,266.85.
Gold futures ended lower with investors looking forward to the U.S. Federal Reserve's monetary policy meet outcome next week for cues into its interest rate hike plans. The precious metal was also impacted after some upbeat manufactured durable good data from the U.S.
The Gold Index shed 1.26 percent, with gold for June delivery dropping $19.30 or 1.6 percent to settle at $1,175.00 an ounce on the New York Mercantile Exchange Friday.
Among gold stocks, IAMGOLD Corp. (IMG.TO) dropped 1.90 percent, Agnico Eagle Mines Limited (AEM.TO) fell 2.10 percent, Kinross Gold Corp (K.TO) shed 1.06 percent, and Barrick Gold Corp. (ABX.TO) edged down 0.65 percent.
Goldcorp Inc. (G.TO) dropped 2.40 percent, Yamana Gold Inc. (YRI.TO) lost 2.09 percent, and Eldorado Gold Corp. (ELD.TO) dived 3.71 percent.
Crude oil ended lower as fighting in Yemen threatened to embroil the entire region, with the ongoing civil war seen as a proxy fight between oil powers Iran and Saudi Arabia.
The Energy Index shed 0.18 percent, with U.S. crude oil futures for June delivery, the most actively traded contract, dropping $0.59 or 1.0 percent, to settle at $57.15 a barrel on the New York Mercantile Exchange Friday.
Among energy stocks, Pacific Rubiales Energy Corp. (PRE.TO) surged 5.43 percent, Legacy Oil + Gas Inc. (LEG.TO) added 1.15 percent, Canadian Oil Sands Limited (COS.TO) fell 0.39 percent, Bonterra Energy (BNE.TO) shed 2.54 percent, and Crescent Point Energy Corp. (CPG.TO) dropped 0.59 percent.
Suncor Energy Inc. (SU.TO) gained 0.25 percent, Canadian Natural Resources Limited (CNQ.TO) moved up 0.27 percent, and Cenovus Energy Inc. (CVE.TO) slipped 0.38 percent.
The Capped Materials Index ended flat, with Potash Corp. of Saskatchewan Inc. (POT.TO) dropping 1.0 percent and Agrium Inc. (AGU.TO) shedding 0.74 percent.
Franco-Nevada Corp. (FNV.TO) shed 1.62 percent, while Silver Wheaton (SLW.TO) declined 0.72 percent
The Diversified Metals & Mining Index surged 4.72 percent, after First Quantum Minerals Ltd. (FM.TO) jumped 5.98 percent, Teck Resources Limited (TCK.B.TO) surged 6.34 percent, and Capstone Mining Corp. (CS.TO) soared 9.09 percent. Sherritt International Corp. (S.TO) gained 4.31 percent.
Denison Mines Corp. (DML.TO) fell 4.96 percent, Lundin Mining Corp. (LUN.TO) added 1.90 percent, and HudBay Minerals Inc. (HBM.TO) gathered 3.89 percent.
The heavyweight Financial Index advanced 0.25 percent, as all major banks posted gains for the day. Bank of Nova Scotia (BNS.TO) added 0.12 percent, while Bank of Montreal (BMO.TO) moved up 0.38 percent.
National Bank of Canada (NA.TO) gained 0.90 percent, Royal Bank of Canada (RY.TO) added 0.16 percent, Toronto-Dominion Bank (TD.TO) advanced 0.16 percent, and Canadian Imperial Bank of Commerce (CM.TO) shed 0.57 percent.
Manulife Financial Corp. (MFC.TO) gained 0.90 percent.
The Capped Health Care Index moved up 0.32 percent as Catamaran Corp. (CCT.TO) gained 0.25 percent and Concordia Healthcare Corp. (CXR.TO) added 0.78 percent. Extendicare (EXE.TO) fell 1.15 percent, while Valeant Pharmaceuticals International, Inc. (VRX.TO) added 0.69 percent
The Capped Industrials Index added 0.09 percent, as Bombardier Inc. (BBD.B.TO) fell 1.17 percent, Air Canada rose 0.75 percent, and Finning International Inc. (FTT.TO) gathered 1.40 percent.
Canadian Pacific Railway Limited (CP.TO) advanced 0.11 percent, and Canadian National Railway Company (CNR.TO) slipped 0.25 percent.
The Information Technology Index dropped 0.67 percent, as BlackBerry Limited (BB.TO) gained 0.96 percent, Constellation Software Inc. (CSU.TO) fell 1.29 percent, Descartes Systems Group Inc. (DSG.TO) shed 0.52 percent, and Sierra Wireless, Inc. (SW.TO) surrendered 1.13 percent.
The Capped Telecommunication Index added 0.37 percent, as Rogers Communications Inc. (RCI.B.TO) gained 1.04 percent, BCE Inc. (BCE.TO) gathered 0.04 percent, and Manitoba Telecom Services Inc. (MBT.TO) gained 0.34 percent.
Capital Power Corp. (CPX.TO) fell 0.68 percent, after the company reported a first quarter profit of C$0.41 per share, compared to C$0.33 per share last year.
On the economic front, new orders for U.S. manufactured durable goods increased more than expected in March, a report from the Commerce Department showed Friday, due primarily to strength in the volatile transportation sector. The report said durable goods orders surged up by 4.0 percent in March after slumping by 1.4 percent in February. Economists had expected orders to edge up by just 0.5 percent.
German business confidence strengthened for the sixth straight month to a 10-month high in April reflecting the continuing upswing in the economy, but firms turned less optimistic about the business outlook.
The business confidence index rose more-than-expected to 108.6 in April from 107.9 in March, the results of a survey by Munich-based Ifo Institute showed Friday. This was the highest score since June 2014, when it stood at 109.4. The indicator was forecast to rise moderately to 108.4 in April.
The total value of orders received by the German construction industry increased in February from a year ago, figures from Destatis showed Friday. Orders in the construction sector climbed a price-adjusted 0.7 percent year-over-year in February.
British households perceive that the value of their home increased in April, a survey from Knight Frank and Markit Economic showed Friday. The house price sentiment index, or HPSI, rose to 58.2 in March from 57.5 in the previous month. This marked the twenty-fifth consecutive month of the index remaining above 50.
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