Canadian Stocks Are Struggling To Find Direction -- Canadian Commentary

(RTTNews) - The Canadian stock market has been fluctuating between small gains and losses since the open of trade Friday. Energy stocks are under pressure as crude oil prices have slid back towards $49 a barrel. However, gold stocks are a source of early strength, as the price of the precious metal heads higher.

Markets in Europe are largely trading to the downside Friday in choppy trading action. Corporate earnings results remained mixed at the end of the week and the global selloff in bonds continues.

Markets in the United States are little changed Friday morning. GDP for the third quarter came in better than expected, but consumer sentiment was downwardly revised by more than expected.

Economic activity in the U.S. increased by more than expected in the third quarter, according to a report released by the Commerce Department on Friday. The Commerce Department said real gross domestic product climbed by 2.9 percent in the third quarter after rising by 1.4 percent in the second quarter. Economists had expected 2.5 percent growth.

The benchmark S&P/TSX Composite Index is up 24.51 points or 0.17 percent at 14,858.26.

On Thursday, the index closed up 26.19 points or 0.18 percent, at 14,833.75. The index scaled an intraday high of 14,898.57 and a low of 14,820.19.

The Capped Healthcare Index is lower by 0.35 percent. Concordia Healthcare (CXR.TO) is down 2.25 percent and Extendicare (EXE.TO) is dropping 0.32 percent. Valeant Pharmaceuticals International (VRX.TO) is also forfeiting 3.72 percent.

The Energy Index is down 0.30 percent. Crude oil prices are lower Friday as the dollar firmed on upbeat U.S. GDP data.

Encana (ECA.TO) is falling 1.52 percent and Crescent Point Energy (CPG.TO) is losing 0.53 percent. Canadian Natural Resources (CNQ.TO) is decreasing 0.07 percent and Husky Energy (HSE.TO) is weakening by 1.14 percent. Suncor Energy (SU.TO) is lower by 0.14 percent and Cenovus Energy (CVE.TO) is declining 0.43 percent.

Imperial Oil (IMO.TO) is down 1.31 percent. The company announced earnings for its third quarter that rose sharply from last year. Revenue for the quarter rose 3.9% to C$7.44 billion.

The heavyweight Financial Index is decreasing 0.18 percent. Royal Bank of Canada (RY.TO) is down 0.04 percent and Toronto-Dominion Bank (TD.TO) is falling 0.26 percent. Bank of Nova Scotia (BNS.TO) is dipping 0.01 percent and

Bank of Montreal (BMO.TO) is declining 0.58 percent. The company said Darryl White appointed chief operating officer, replacing Frank Techar who becomes vice-chair.

The Gold Index is advancing 0.90 percent. Gold prices are up slightly Friday morning, recovering from the initial dip after the release of the U.S. GDP report.

Kinross Gold (K.TO) is climbing 1.30 percent and Eldorado Gold (ELD.TO) is rising 1.35 percent. Goldcorp (G.TO) is up 1.11 percent and B2Gold (BTO.TO) is higher by 1.78 percent.

Barrick Gold (ABX.TO) is increasing 1.77 percent. According to reports, China may buy a stake in Barrick Gold's operations in Argentina.

The Capped Materials Index is also up 1.09 percent. Franco-Nevada (FNV.TO) is rising 0.94 percent and Agnico Eagle Mines (AEM.TO) is advancing 2 percent. Silver Wheaton (SLW.TO) is increasing 1.02 percent and Agrium (AGU.TO) is adding 0.25 percent. Potash Corporation of Saskatchewan (POT.TO) is up 1.27 percent.

The Capped Industrials Index is up 0.46 percent. Canadian Pacific Railway (CP.TO) is rising 0.39 percent and Canadian National Railway (CNR.TO) is climbing 0.21 percent. Finning International (FTT.TO) is up 0.16 percent and Bombardier (BBD-B.TO) is gaining 0.80 percent. Air Canada (AC.TO) is also increasing 0.24 percent.

The Capped Information Technology Index is rising 0.42 percent. Constellation Software (CSU.TO) is climbing 0.16 percent and Descartes Systems Group (DSG.TO) is gaining 0.83 percent. BlackBerry (BB.TO) is advancing 0.94 percent.

The Capped Telecommunication Services Index is climbing 0.07 percent. TELUS (T.TO) is gaining 0.19 percent and BCE (BCE.TO) is up 0.13 percent. Rogers Communication (RCI-B.TO) is advancing 0.30 percent.

Enghouse Systems (ESL.TO) is increasing 0.86 percent after it bought Presence Technology for about $17.4 million.

First Quantum Minerals (FM.TO) is rising 2.23 percent after it reported third quarter EPS of $0.05, compared to the loss of $0.62 a year ago.

On the economic front, Eurozone economic confidence rose more-than-expected in October to its highest level thus far this year, as the region weathered the uncertainty from the 'Brexit' vote.

The economic sentiment index improved to 106.3 from 104.9 in September, survey data from the European Commission showed Friday. This was the highest level since December 2015, when the reading was 106.6. The expected score was 104.9.

German inflation accelerated for a second straight month to a two-year high in October, preliminary data from Destatis showed Friday. The consumer price index rose 0.8 percent year-on-year following 0.7 percent in September. The figure was in line with economists' expectations.

The French economy recovered in the third quarter after contracting in the previous three months, preliminary data from the statistical office Insee showed Friday. Gross domestic product expanded 0.2 percent sequentially, reversing a 0.1 percent fall a quarter ago. But the pace of growth was slightly weaker than the expected 0.3 percent.

French inflation remained stable in October, flash data from the statistical office Insee showed Friday. Consumer prices advanced 0.4 percent year-on-year in October, the same pace of growth as seen in September. Inflation was forecast to rise marginally to 0.5 percent.

France's consumer spending unexpectedly dropped in September following an increase in the previous month, preliminary data from the statistical office INSEE showed Friday. Household consumption dropped 0.2 percent after a 0.8 percent increase in August, which was revised from 0.7 percent. Economists had forecast a 0.3 percent gain. In July, spending decreased 0.1 percent.

French producer prices in the domestic market increased marginally in September, the statistical office Insee reported Friday. Producer prices edged up 0.1 percent month-over-month in September, after remaining flat in the previous month.

British consumer confidence weakened as expected in October as consumers expectations for the general economy declined from September, survey data from the market research group GfK showed Friday. The consumer sentiment index dropped to -3 in October from -1 in September.

In commodities, crude oil futures for November delivery are down 0.43 or 0.86 percent at $49.29 a barrel.

Natural gas for November is down 0.002 or 0.07 percent at $3.066 per million btu.

Gold futures for December are up $3.30 or 0.26 percent at $1,272.80 an ounce.

Silver for December is up $0.116 or 0.66 percent at $17.755 an ounce.