Canadian Stocks Inch Higher In Choppy Dealing -- Canadian Commentary

(RTTNews) - Canadian stocks are seeing a choppy ride Friday morning, with investors treading cautiously amid lingering concerns about the ongoing conflicts in Ukraine, Israel and Iraq.

A mixed batch of economic data from the U.S., eurozone and Canada are also contributing to the sluggish movements in the market.

According to reports, fighting resumed in Gaza after the three-day ceasefire ended. In Iraq, the U.S. military aircraft began dropping bombs, following the U.S. President Barack Obama authorizing airstrikes to thwart the advancing Islamic militants.

Investors are weighing the possible impact of Russia's retaliation to last week's sanctions by the Western countries.

Data showing anemic Canadian job growth too appears to be preventing investors from indulging in significant moves.

The benchmark S&P/TSX Composite Index is up 30.27 points or 0.20 percent at 15,148.70, after having declined to 15,092.11 earlier. Still, the index is down 1.1 percent for week, having slipped from record highs.

The Capped Materials Index is rising 0.7 percent, with Barrick Gold Corporation (ABX.TO), Kirkland Lake Gold (KGI.TO) and Eldorado Gold Corporation (ELD.TO) gaining 2.5 to 2.8 percent.

Silver Wheaton Corp. (SLW.TO), Agnico Eagle Mines Limited (AEM.TO), B2Gold Corp. (BTO) and Franco-Nevada Corporation (FNV.TO) are moving up 1.3 to 2 percent.

The Energy Index is up 0.6 percent. Encana Corporation (ECA.TO) is up 1.3 percent and Talisman Energy (TLM) is moving up nearly 2 percent, while Canadian Natural Resources Limited (CNQ.TO), Cenovus Energy Inc. (CVE.TO) and Husky Energy (HSE.TO) are gaining 0.7 to 1 percent.

The Healthcare Index is up 1.3 percent, with Extendicare Inc. (EXE.TO) and Valeant Pharmaceuticals International, Inc. (VRX.TO) gaining 1.4 percent and 1.8 percent, respectively. Catamaran Corporation (CCT.TO) is adding 0.4 percent.

The big six banks are declining 0.4 to 1.2 percent. Meanwhile, insurance stocks Manulife Financial Corporation (MFC.TO) and Sun Life Financial Inc. (SLF.TO) are moving up 0.7 percent and 0.8 percent, respectively.

Brookfield Asset Management Inc. (BAM.A.TO) said that its second-quarter 2014 funds from operations rose to $569 million and $0.84 per share, from $464 million and $0.68 per share in the year ago quarter. The stock is modestly lower.

Magna International Inc. (MG.TO) shares are up nearly 4 percent after the company reported second quarter net income of $510 million, up from the prior year's $415 million. Earnings per share improved to $2.32 from $1.78 last year.

Stella-Jones Inc. (SJ.TO) shares are rising 3.3 percent after the company said net income for second quarter was up at $28.8 million or $0.42 per share, compared to $26.4 million or $0.38 cents per share a year ago.

Power Financial Corp. (PWF.TO) reported that its net earnings attributable to common shareholders for the second quarter ended June 30, 2014 rose to C$568 million or C$0.80 per share, from C$475 million or C$0.67 per share in 2013. The stock is little changed from previous closing price.

In commodities, crude oil futures for September are down $0.09 or 0.09 percent at $97.25 a barrel, after rising to $98.44 a barrel earlier.

Natural gas for September is up $0.041 or 1.04 percent at $3.917 per million btu.

Gold futures for December are down $0.70 or 0.05 percent at $1,311.80 an ounce.

Silver for September is down $0.037 or 0.19 percent at 19.953 an ounce. Meanwhile, copper is up marginally at $3.179 per pound.

On the economic front, a report from Statistics Canada showed unemployment to have declined by a more than expected 7.0 percent (seasonally adjusted) in July, from 7.1 percent in June.

In economic news from the U.S., labor productivity rose by a more than anticipated 2.5 percent in the second quarter, data released by the Labor Department showed. Economists had expected an increase of 1.5 percent.

Unit labor costs were up 0.6 percent in the second quarter, notably lower than expectations for a 1.4 percent growth.