12.02.2015 17:29:31
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Canadian Stocks Have Reversed Early Losses -- Canadian Commentary
(RTTNews) - The Canadian stock market has climbed back into the green this morning, after facing early selling pressure. Energy and mining stocks are among the best performing stocks this morning. The price of oil has climbed back above $50 a barrel and commodity prices are attempting to rebound from recent weakness.
Markets in Europe are rallying as concerns regarding both Greece and Ukraine have eased. Eurozone finance ministers ended their talks on Wednesday without any major breakthrough on the future course of action on Greek debt funding. European Union leaders are set to meet in Brussels today. Eurozone finance ministers will gather again on February 16.
The warring parties in Eastern Ukraine have reached an agreement on a road-map to end the months-old fighting, with a ceasefire beginning February 15. Marathon peace talks in neighboring Belarus that began Wednesday, involving leaders of Russia, Ukraine, Germany and France, spilled over to Thursday. After 16 hours of talks in the Belarusian capital of Minsk, Russian President Vladimir Putin told reporters that the truce will come into effect at 12 a.m. local time Sunday.
The deal also involves a withdrawal of heavy weapons from the front line, which, according to Putin, is "extremely important."
Markets in the United States are modestly higher, are ending the previous session roughly flat. Investors appear to have largely shrugged off some disappointing U.S. economic data, including a bigger than expected drop in retail sales, thanks to some better than expected corporate earnings reports.
The benchmark S&P/TSX Composite Index is up 19.96 points or 0.13 percent at 15,171.46. The market has rebounded from an early low of 15,114.87.
On Wednesday, the index closed up 38.98 points or 0.26 percent, at 15,151.50. The index scaled an intraday high of 15,170.56 and a low of 15,080.74.
The Energy Index is providing a much needed boost this morning, climbing by 0.81 percent. Crude oil prices have snapped back above $50 a barrel Thursday morning, helped by news of a cease-fire in Ukraine.
Meanwhile, rising U.S crude inventories will likely put on a cap on any rally in crude prices, however. U.S. crude stockpiles rose more than expected, by 4.9 million barrels to 417.9 million barrels, in the week ended Feb. 6, according to the U.S. Energy Information Administration report published Wednesday.
Encana (ECA.TO) is rising by 0.18 percent and Suncor Energy (SU.TO) is gaining 0.99 percent. MEG Energy (MEG.TO) is climbing by 2.07 percent and Bonterra Energy (BNE.TO) is adding 0.16 percent.
Legacy Oil + Gas (LEG.TO) is increasing by 5.09 percent and Pacific Rubiales Energy (PRE.TO) is surging by 6.50 percent. Canadian Oil Sands (COS.TO) rising by 5.65 percent and CrescentPoint Energy (CPG.TO) is higher by 1.63 percent. Vermilion Energy (VET.TO) is also gaining 0.46 percent.
Cenovus Energy (CVE.TO) is decreasing by 1.54 percent. The company reported that the combined oil sands production averaged over 128,000 barrels per day or bbls/d net in 2014, up by 25% from 2013. Total oil production averaged more than 203,000 bbls/d net, an increase of 14% from 2013.
ARC Resources (ARX.TO) is rising by 2.83 percent. The company reported fourth-quarter net earnings of C$0.36 per share compared with C$0.04 per share last year.
The Diversified Metal and Mining Index is also gaining 1.71 percent, as commodity prices attempt to rebound from recent weakness. HudBay Minerals (HBM.TO) is increasing by 2.12 percent and Lundin Mining (LUN.TO) is up 1.86 percent. Finning International (FTT.TO) is gaining 0.22 percent and First Quantum Minerals (FM.TO) is advancing by 2.97 percent. Capstone Mining (CS.TO) is also rising by 3.10 percent.
Teck Resources (TCK-B.TO) is advancing by 2.73 percent. The company's adjusted profit for the fourth quarter was C$0.20 per share, compared to C$0.40 per share in the prior year quarter. Analysts expected the company to earn $0.22 per share.
The Gold Index is declining by 0.63 percent. Goldcorp (G.TO) is losing 0.28 percent and Kinross Gold (K.TO) is falling by 2.39 percent. B2 Gold (BTO.TO) is decreasing by 0.94 percent and Eldorado Gold (ELD.TO) is lower by 1.65 percent.
Yamana Gold (YRI.TO) is declining 1.99 percent. The company reported a fourth quarter adjusted loss per share from continuing operations of $0.02. Analysts expected the company to report profit per share of $0.03.
The Capped Materials Index is rising by 0.04 percent. Barrick Gold (ABX.TO) is down 0.86 percent and Franco-Nevada (FNV.TO) is decreasing by 0.11 percent. Silver Wheaton (SLW.TO) is falling by 0.68 percent.
Agnico Eagle Mines (AEM.TO) is increasing by 3.89 percent. The company reported fourth quarter adjusted net income of US$0.08 per share. Analysts polled by Thomson Reuters expected the company to earn US$0.03 per share.
The heavyweight Financial Index is falling by 0.25 percent. National Bank of Canada (NA.TO) is higher by 1.67 percent and Bank of Nova Scotia (BNS.TO) is gaining 0.39 percent. Toronto-Dominion Bank (TD.TO) is up 0.29 percent and Royal Bank of Canada (RY.TO) is advancing by 0.16 percent. Bank of Montreal (BMO.TO) is rising by 0.54 percent and Canadian Imperial Bank of Commerce (CM.TO) is adding 0.61 percent.
The Capped Telecommunication Services Index is lower by 1.00 percent. Manitoba Telecom Services (MBT.TO) is rising by 1.32 percent.
TELUS Corp. (T.TO) is lower by 1.38 percent. The company reported fourth quarter adjusted net income of C$0.53 per share, up from C$0.49 per share last year. Analysts expected the company to report earnings of C$0.54 per share.
Rogers Communication (RCI-B.TO) is down 1.60 percent. The company announced that it has reached carriage agreements for WWE Network with multiple television providers.
The Capped Information Technology Index is climbing by 0.40 percent. Constellation Software (CSU.TO) is higher by 0.32 percent and Sierra Wireless (SW.TO) is gaining 2.36 percent.
The Capped Health Care Index is falling by 0.55 percent. Valeant Pharmaceuticals International (VRX.TO) is down 0.36 percent and Catamaran (CCT.TO) is losing 0.39 percent. Extendicare (EXE.TO) is also declining by 1.01 percent.
The Capped Industrial Index is falling by 0.32 percent. Bombardier (BBD-A.TO) is sinking by 8.97 percent. The company reported fourth quarter adjusted net income of $0.04 per share, compared to $0.07 per share in the year-ago quarter. The company also said that until further notice, there would be no dividend payment on the Class A Shares and the Class B Shares.
Sun Life Financial (SLF.TO) is sinking by 6.12 percent. The company reported fourth quarter net income from continuing operations of C$0.81 per share, compared to C$0.93 per share last year.
On the economic front, a report released by Statistics Canada Thursday morning showed that Canadian new home prices increased by 0.1 percent in December. The modest gain was in line with the expectations of economists. Eurozone industrial production remained flat in December after expanding for three consecutive months, data from Eurostat revealed Thursday.
Industrial production remained unchanged from November, while it was forecast to grow 0.2 percent. The growth rate for November was revised down to 0.1 percent from 0.2 percent.
Germany's consumer prices fell for the first time since September 2009 in January and at a faster than initially estimated pace, final data from Destatis showed Thursday.
The consumer price index dropped 0.4 percent in January from last year, while it was estimated to fall by 0.3 percent. This was the first drop since September 2009 and the biggest decline since July 2009, when prices slid 0.5 percent.
Continuing to rebound from a recent pullback, first-time claims for U.S. unemployment benefits unexpectedly climbed back above the 300,000 level in the week ended February 7th.
The Labor Department released a report on Thursday showing that initial jobless claims climbed to 304,000, an increase of 25,000 from the previous week's revised level of 279,000. Economists had expected jobless claims to rise to 288,000 from the 278,000 originally reported for the previous week.
With sales by gas stations showing another substantial decrease, the Commerce Department released a report on Thursday showing that U.S. retail sales fell by more than anticipated in the month of January. The report said retail sales fell by 0.8 percent in January after slumping by 0.9 percent in December. Economists had expected sales to drop by 0.5 percent.
In commodities, crude oil futures for March delivery are up $1.21 or 2.48 percent at $50.05 a barrel.
Natural gas for March is up $0.006 or 0.21 percent at $2.803 per million btu.
Gold futures for April are up $2.80 or 0.23 percent at $1,222.40 an ounce.
Silver for March is up $0.014 or 0.08 percent at $16.775 an ounce.
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