(RTTNews.com) – The Canadian stock market is climbing in early trade Friday, along with the rest of the global markets. The majority of the Canadian sectors are trading in the green this morning, with the notable exception of the gold stocks.
Energy stocks are a source of strength at the end of the trading week, as the deal between OPEC and Russia provided stability to crude oil prices. Financial stocks are also rising after the release of some better than expected quarterly results from some major U.S. banks.
Markets in Europe are trading solidly to the upside Friday, after three sessions of losses. Mining stocks are receiving a boost from Chinese inflation data. Financial stocks are also turning in a strong performance after a trio of U.S. banks posted better than expected financial results.
The benchmark S&P/TSX Composite Index is up 50.34 points or 0.34 percent at 14,694.05.
On Thursday, the index closed up 24.74 points or 0.17 percent, at 14,643.71. The index scaled an intraday high of 14,672.25 and a low of 14,472.78.
The Capped Information Technology Index is rising 0.76 percent. BlackBerry (BB.TO) is gaining 0.71 percent and Sierra Wireless (SW.TO) is advancing 1.01 percent. Constellation Software (CSU.TO) is also up 0.21 percent.
The Capped Industrials Index is gaining 0.69 percent. Canadian National Railway (CNR.TO) is higher by 0.63 percent and Canadian Pacific Railway (CP.TO) is rising 0.44 percent. Finning International (FTT.TO) is up 0.88 percent.
Bombardier (BBD-B.TO) is climbing 1.71 percent, after it announced that Philippine Airlines plans to buy up to a dozen Q400 aircraft.
The Energy Index is up 0.63 percent. Crude oil prices are nearly flat Friday, staying above $ 50 a barrel amid hopes that OPEC and Russia will trim supplies next year.
Cenovus Energy (CVE.TO) is gaining 1.66 percent and Suncor Energy (SU.TO) is increasing 0.93 percent. Crescent Point Energy (CPG.TO) is climbing 0.40 percent and Canadian Natural Resources (CNQ.TO) is rising 0.26 percent. Husky Energy (HSE.TO) is advancing 0.25 percent.
The heavyweight Financial Index is increasing 0.50 percent. Bank of Nova Scotia (BNS.TO) is advancing 0.26 percent. Bank of Montreal (BMO.TO) is higher by 0.30 percent and Canadian Imperial Bank of Commerce (CM.TO) is gaining 0.55 percent. Toronto-Dominion Bank (TD.TO) is climbing 0.49 percent and National Bank of Canada (NA.TO) is rising 0.32 percent.
Royal Bank of Canada (RY.TO) is up 0.69 percent. The stock was upgraded to “Buy” from “Hold” at Canaccord Genuity.
The Capped Telecommunication Services Index is climbing 0.22 percent. BCE (BCE.TO) is rising 0.31 percent and Manitoba Telecom Services (MBT.TO) is adding 0.32 percent. Rogers Communication (RCI-B.TO) is increasing 0.18 percent and TELUS (T.TO) is advancing 0.07 percent.
The Gold Index is falling 1.56 percent. Gold prices are little changed Friday morning, holding near the lowest level since June.
Goldcorp (G.TO) is falling 2.06 percent and Barrick Gold (ABX.TO) is declining 1.47 percent. Kinross Gold (K.TO) is weakening by 2.92 percent and Eldorado Gold (ELD.TO) is surrendering 2.09 percent. Yamana Gold (YRI.TO) is also losing 1.41 percent.
The Capped Materials Index is also down 0.58 percent. Agnico Eagle Mines (AEM.TO) is falling 1.10 percent and Franco-Nevada (FNV.TO) is losing 1.02 percent. Silver Wheaton (SLW.TO) is declining 0.49 percent and Potash Corp. of Saskatchewan (POT.TO) is dipping 0.24 percent.
The Capped Healthcare Index is lower by 0.33 percent. Concordia Healthcare (CXR.TO) is falling 5.05 percent and Valeant Pharmaceuticals International (VRX.TO) is decreasing 1.10 percent. Extendicare (EXE.TO) is also slipping 0.65 percent.
On the economic front, China’s inflation accelerated more-than-expected in September and producer prices increased for the first time since 2012 on higher commodity prices.
Inflation rose to 1.9 percent in September from 1.3 percent in August, the National Bureau of Statistics reported Friday. Inflation was forecast to climb to 1.6 percent.
Producer prices edged up 0.1 percent in September in contrast to a 0.8 percent fall in the previous month. Prices were expected to fall 0.3 percent.
The euro area trade surplus increased in August, as exports grew faster than imports, figures from Eurostat showed Friday.
The seasonally adjusted trade surplus rose to EUR 23.3 billion in August from EUR 20.8 billion in July, which was revised up from EUR 20.0 billion reported earlier. Economists had expected a surplus of EUR 20.4 billion for the month.
U.K. construction output declined more than expected in August, figures from the Office for National Statistics revealed Friday. Construction output dropped 1.5 percent in August from July, when it rose by revised 0.5 percent. Output was expected to remain flat in August.
After reporting a modest drop in U.S. retail sales in the previous month, the Commerce Department released a report on Friday showing that sales rebounded in line with economist estimates in the month of September.
The Commerce Department said retail sales climbed by 0.6 percent in September after edging down by a revised 0.2 percent in August. Economists had expected sales to rise by 0.6 percent compared to the 0.3 percent drop originally reported for the previous month.
Reflecting a sharp jump in energy prices, the Labor Department released a report on Friday showing that U.S. producer prices increased by slightly more than expected in the month of September.
The Labor Department said its producer price index for final demand climbed by 0.3 percent in September after coming in unchanged in August. Economists had expected prices to edge up by 0.2 percent.
Consumer sentiment in the U.S. has unexpectedly deteriorated in the month of October, according to preliminary data released by the University of Michigan on Friday. The University of Michigan said its consumer sentiment index tumbled to 87.9 in October after climbing to 91.2 in September.
The pullback by the consumer sentiment index came as a surprise to economists, who had expected the index to inch up to 92.0.
In commodities, crude oil futures for November delivery are down 0.01 or 0.02 percent at $ 50.43 a barrel.
Natural gas for November is down 0.045 or 1.35 percent at $ 3.296 per million btu.
Gold futures for December are down $ 0.90 or 0.07 percent at $ 1,256.70 an ounce.
Silver for December is up $ 0.082 or 0.47 percent at $ 17.54 an ounce.
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Plantations International