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01/11/2017 10:54:49 AM
01/11/2017 10:54:49 AM UTC-0500

Canadian Stocks Are Struggling To Find Direction -- Canadian Commentary


(RTTNews) - The Canadian stock is up slightly in early trade Wednesday, adding to the modest gains of the previous session. Gains among financial and industrial stocks are being counterbalanced by weakness among the gold stocks. Trading action is rather subdued this morning due to a lack of economic data and caution ahead of the upcoming press conference by U.S. President-elect Donald Trump.

Markets in Europe to off to a weak start Wednesday, but quickly recovered ground. The markets have firmly entered positive territory following the positive open on Wall Street.

Markets in the United States struggling to find direction Wednesday morning, but are up slightly in early trade. On another quiet day on the U.S. economic front traders are in a cautious mood ahead of a press conference by President-elect Donald Trump later this morning.

The benchmark S&P/TSX Composite Index is up 12.31 points or 0.08 percent at 15,438.59.

On Tuesday, the index closed up 37.33 points or 0.24 percent, at 15,426.28. The index scaled an intraday high of 15,459.09 and a low of 15,422.69.

The Capped Industrials Index is up 0.48 percent. Canadian National Railway (CNR.TO) is increasing 0.84 percent and Canadian Pacific Railway (CP.TO) is rising 0.59 percent. Air Canada (AC.TO) is higher by 1.03 percent and Finning International (FTT.TO) is adding 0.31 percent. Bombardier (BBD-B.TO) is also climbing 4.05 percent.

The Capped Information Technology Index is rising 0.46 percent. BlackBerry (BB.TO) is gaining 0.21 percent and Constellation Software (CSU.TO) is climbing by 0.13 percent. Sierra Wireless (SW.TO) is up 0.51 percent and Descartes Systems Group (DSG.TO) is adding 0.56 percent.

The heavyweight Financial Index is increasing 0.38 percent. Royal Bank of Canada (RY.TO) is higher by 0.38 percent and Toronto-Dominion Bank (TD.TO) is gaining 0.01 percent. Bank of Montreal (BMO.TO) is up 0.82 percent and Bank of Nova Scotia (BNS.TO) is climbing 0.36 percent. National Bank of Canada (NA.TO) is rising 0.17 percent and Canadian Imperial Bank of Commerce (CM.TO) is higher by 0.05 percent.

The Energy Index is up 0.15 percent. Crude oil prices are recovering some ground Wednesday morning and are approaching $52 a barrel.

Yesterday, API reported oil inventories were up 1.53M barrels, with gasoline stocks up 1.69M barrels, and distillates up 5.48M barrels.

The U.S. EIA reported this morning that U.S. crude inventories increased by 4.1 million barrels last week.

Crescent Point Energy (CPG.TO) is increasing 0.24 percent and Encana (ECA.TO) is advancing 0.77 percent. Enbridge (ENB.TO) is up 0.16 percent and Cenovus Energy (CVE.TO) is climbing 0.61 percent. Suncor Energy (SU.TO) is higher by 0.09 percent.

The Gold Index is declining 1.98 percent. Gold prices are slightly lower Wednesday morning ahead of the long-awaited press conference with president-elect Donald Trump, who will meet with reporters for the first time since July.

IAMGOLD (IMG.TO) is lower by 4.12 percent and Kinross Gold (K.TO) is decreasing 2.68 percent. B2Gold (BTO.TO) is down 2.47 percent and Goldcorp (G.TO) is falling 1.47 percent. Eldorado Gold (ELD.TO) is weakening by 2.68 percent and Yamana Gold (YRI.TO) is losing 2.13 percent. Barrick Gold (ABX.TO) is also surrendering 1.89 percent.

The Capped Telecommunication Services Index is losing 0.71 percent. TELUS (T.TO) is decreasing 0.59 percent and Rogers Communication (RCI-B.TO) is falling 0.72 percent. BCE (BCE.TO) is dropping 0.98 percent and Manitoba Telecom Services (MBT.TO) is down 0.42 percent.

The Capped Healthcare Index is lower by 0.57 percent. Concordia International (CXR.TO) is losing 0.34 percent.

The Capped Materials Index is also down 0.23 percent. Franco-Nevada (FNV.TO) is losing 1.31 percent and Agnico Eagle Mines (AEM.TO) is falling 0.48 percent. Silver Wheaton (SLW.TO) is declining 1.67 percent.

Corus (CJR.B.TO) reported a disappointing quarterly profit, but revenues were sharply higher due in part to its Shaw acquisition. The stock is dropping 1.78 percent.

Capstone Mining (CS.TO) is rising 3.55 percent after the company posted fourth quarter copper production.

On the economic front, U.K. industrial production recovered at a faster than expected pace in November, data the Office for National Statistics revealed Wednesday. Industrial output climbed 2.1 percent in November from October, when production eased 1.1 percent. Output was expected to rise 1 percent.

The U.K. visible trade deficit widened more-than-expected in November, the Office for National Statistics reported Wednesday. The trade in goods showed a deficit of GBP 12.2 billion versus a shortfall of GBP 9.9 billion in October. Economists had expected the deficit to rise to GBP 11.5 billion.

U.K. construction output dropped unexpectedly in November, figures from the Office for National Statistics revealed Wednesday.

Construction output fell 0.2 percent in November from October largely due to a contraction in non-housing repair and maintenance. The monthly decline was followed by a 0.6 percent decrease in October and confounded the expected growth of 0.2 percent.

In commodities, crude oil futures for February delivery are up 0.62 or 1.22 percent at $51.44 a barrel.

Natural gas for February is up 0.014 or 0.43 percent at $3.292 per million btu.

Gold futures for February are down $6.20 or 0.52 percent at $1,179.30 an ounce.

Silver for March is down $0.213 or 1.26 percent at $16.635 an ounce.

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