Canadian Stocks Are Climbing On Crude Strength -- Canadian Commentary

(RTTNews) - The Canadian stock market is rising in early trade Friday, rebounding from yesterday's modest pullback. Energy, mining and healthcare stocks are leading the way higher this morning. A bullish report from the International Energy Agency has triggered gains among energy stocks. Mining stocks are rising after China strengthened its currency.

Data from Statistics Canada showed that the economy lost 2,300 jobs in February as gains in part-time work were offset by losses. Economists had forecast an addition of 10,000 jobs following decline of 5,700 jobs in January.

The unemployment rate rose by 0.1 percentage points to 7.3 percent, from 7.2 percent in January. Economists were expecting the jobless rate to match the January reading. The February's rise was the most since March 2013.

Markets in Europe are solidly in positive territory Friday. After yesterday's pullback, markets are up due to a surge in bank and mining stocks. The ECB's proposal to pay banks for lending to companies is providing a boost to banking shares. China's central bank strengthened the yuan's fixing by the most in four months, which has sparked gains among mining stocks.

Markets in the United States are up in early trade Friday, after finishing near the flat line yesterday. Gains in Asia and in Europe has investors in an upbeat mood at the end of the week. Rising crude oil prices are also providing a boost.

The benchmark S&P/TSX Composite Index is up 83.84 points or 0.63 percent at 13,462.98.

On Thursday, the index closed down 13.76 points or 0.10 percent, at 13,379.14. The index scaled an intraday high of 13,513.20 and a low of 13,298.32.

The Energy Index is surging 2.04 percent. Crude oil prices are rising Friday, after the International Energy Agency said prices have bottomed due to lower output from the US and other non-OPEC producers.

Cenovus Energy (CVE.TO) is rising 3.61 percent and Husky Energy (HSE.TO) is adding 2.55 percent. Encana (ECA.TO) is climbing 5.78 percent and Suncor Energy (SU.TO) is up 1.11 percent. Canadian Oil Sands (COS.TO) is higher by 1.46 percent and Crescent Point Energy (CPG.TO) is gaining 4.17 percent. Imperial Oil (IMO.TO) is increasing 1.56 percent and Pacific Exploration & Production (PRE.TO) is jumping 5.71 percent. Canadian Natural Resources (CNQ.TO) is also gaining 1.67 percent.

The Capped Health Care Index is up 1.54 percent. Extendicare (EXE.TO) is rising 0.96 percent and Valeant Pharmaceuticals International (VRX.TO) is gaining 0.52 percent. Concordia Healthcare (CXR.TO) is also climbing 3.91 percent.

The Capped Industrials Index is gaining 1.01 percent. Finning International (FTT.TO) is rising 1.04 percent and Air Canada (AC.TO) is up 0.36 percent. Canadian Pacific Railway (CP.TO) is increasing 2.30 percent and Canadian National Railway (CNR.TO) is adding 1.33 percent. AutoCanada (ACQ.TO) is also advancing 2.99 percent.

The Diversified Metal and Mining Index is climbing 0.96 percent. HudBay Minerals (HBM.TO) is up 0.39 percent and Capstone Mining (CS.TO) is higher by 1.82 percent. First Quantum Minerals (FM.TO) is rising 1.13 percent and Teck Resources (TCK-B.TO) is gaining 3.35 percent. Sherritt International (S.TO) is also adding 2.13 percent.

The heavyweight Financial Index is rising 0.55 percent. Bank of Montreal (BMO.TO) is up 0.48 percent and National Bank of Canada (NA.TO) is higher by 0.27 percent. Bank of Nova Scotia (BNS.TO) is adding 0.50 percent and Toronto-Dominion (TD.TO) is increasing 0.35 percent. Canadian Imperial Bank of Commerce (CM.TO) is climbing 1.06 percent.

Royal Bank of Canada (RY.TO) is rising 0.44 percent. Joao Pedro Reinhard stepped down as a director of the company after being charged last month in Canada with possession of cocaine.

The Capped Information Technology Index is higher by 0.62 percent. Constellation Software (CSU.TO) is up 0.36 percent and Avigilon (AVO.TO) is rising 0.54 percent. Sierra Wireless (SW.TO) is advancing 0.17 percent and Descartes Systems Group (DSG.TO) is gaining 0.50 percent.

The Gold Index is down 1.37 percent. Gold prices are heading lower Friday morning, having touched new 13-month highs last night.

Barrick Gold (ABX.TO) is falling 1.80 percent and IAMGOLD (IMG.TO) is declining 2.30 percent. Yamana Gold (YRI.TO) is down 1.18 percent and Kinross Gold (K.TO) is losing 1.54 percent. Goldcorp (G.TO) is dipping 0.54 percent and Royal Gold (RGL.TO) is weakening by 2.33 percent. Eldorado Gold (ELD.TO) is lower by 4.75 percent and B2Gold (BTO.TO) is decreasing 3.17 percent.

The Capped Materials Index is also down 0.35 percent. Agnico Eagle Mines (AEM.TO) is declining 1.55 percent and Silver Wheaton (SLW.TO) is lower by 1.39 percent.

The Capped Telecommunication Services Index is falling 0.10 percent. BCE (BCE.TO) is down 0.24 percent.

Department store operator Hudson's Bay Co (HBC.TO) plans to invest 1 billion euros ($1.46-billion Canadian) in its German chain Kaufhof, according to Handelsblatt. The stock is increasing 2.60 percent.

On the economic front, Germany's consumer prices remained unchanged in February from a year ago as initially estimated, final data from Destatis showed Friday. The consumer price index was unchanged after rising 0.5 percent in January and 0.3 percent in December.

Germany's wholesale prices declined at the fastest pace in a year in February largely due to a sharp decrease in fuel prices, Destatis said Friday. Wholesale prices dropped 1.9 percent year-on-year versus 1 percent decrease in January. The index has been falling since July 2013. It was the biggest decline since February 2015.

The U.K. visible trade deficit narrowed in January due to a decrease in imports, the Office for National Statistics showed Friday. The deficit on trade in goods decreased to GBP 10.3 billion, in line with expectations, from GBP 10.5 billion in December. The narrowing was driven by a GBP 0.2 billion decrease in imports.

U.K. construction output dropped in January due to a decline in all new work, the Office for National Statistics said Friday. Construction output decreased 0.2 percent in January from December as expected by economists. All new work dropped 0.8 percent, while all repair and maintenance increased 0.8 percent.

Britons' inflation expectations for the year ahead fell to the lowest level in more than 16 years in February, results of a quarterly survey from the Bank of England showed Friday. Inflation is forecast to be 1.8 percent in the coming year compared with 2 percent predicted in November. This was the lowest inflation expectations since November 1999.

Import prices in the U.S. saw a continued decrease in the month of February, according to a report released by the Labor Department on Friday, although the drop in prices was not as steep as economists had anticipated.

The Labor Department said its import price index dipped by 0.3 percent in February after tumbling by a revised 1.0 percent in January. Economists had expected import prices to fall by 0.8 percent compared to the 1.1 percent decrease originally reported for the previous month.

The report also said the export price index dropped by 0.4 percent in February after sliding by 0.8 percent in January. Economists had expected export prices to decline by 0.5 percent.

In commodities, crude oil futures for April delivery are up 1.02 or 2.70 percent at $38.86 a barrel.

Natural gas for April is up 0.053 or 2.96 percent at $1.841 per million btu.

Gold futures for April are down $6.20 or 0.49 percent at $1,266.60 an ounce.

Silver for May is up $0.106 or 0.68 percent at $15.655 an ounce.