TSX Edges Lower As Energy Stocks Weigh -- Canadian Commentary

(RTTNews) - Canadian stocks are lower Tuesday morning, with falling crude oil triggering some selling in the energy space.

Weakness in Asian and European markets amid worries about the financial situation in Greece also weigh on the market.

A report showing a smart rebound in U.S. consumer confidence is limiting the market's downside.

Crude oil's fall to a fresh five-year low is hurting energy stocks. Meanwhile, gold stocks are advancing, tracking higher bullion prices.

The benchmark S&P/TSX Composite Index is down 47.25 points or 0.32 percent at 14,616.67.

On Monday, the index closed up 54.67 points or 0.37 percent at 14,663.92, after scaling an intraday high of 14,738.57 and a low of 14,628.89.

The Energy Index is down 1.2 percent. Cenovus Energy (CVE.TO), Imperial Oil (IMO.TO), Encana Corporation (ECA.TO), Husky Energy (HSE.TO), ARC Resources (ARX.TO) and Tourmaline Oil Corp. (TOU.TO) are down 1 to 2 percent.

Long Run Exploration (LRE.TO) is down over 5.5 percent, while Canadian Oil Sands (COS.TO) and Raging River Exploration (RRX.TO) are lower by 2.3 percent and 3 percent, respectively.

The Financial Index is down 0.45 percent. Among the big six banks, Bank of Nova Scotia (BNS.TO) is down marginally, while the rest are declining 0.4 to 1 percent.

The Healthcare Index is down 0.6 percent. Valeant Pharmaceuticals International, Inc. (VRX.TO), Catamaran Corporation (CCT.TO) and Extendicare Inc. (EXE.TO) are declining 0.6 to 1 percent.

The Metals & Mining Index is up 1.2 percent, with Teck Resources Limited (TCK.B.TO), First Quantum Minerals Ltd. (FM.TO), Nevsun Resources Ltd. (NSU.TO), Capstone Mining Corp. (CS.TO) and Turquoise Hill Resources Ltd. (TRQ.TO) moving up 1 to 2.5 percent.

The Capped Materials Index is up 1.6 percent. Agnico Eagle Mines (AEM.TO) is gaining nearly 4.5 percent, Goldcorp Inc (G.TO) is rising 3.5 percent and Barrick Gold Corporation (ABX.TO) is moving up 3.2 percent, while Franco-Nevada Corporation (FNV.TO), Silver Wheaton Corp. (SLW) and Eldorado Gold Corporation (ELD.TO) are rising 2.3 to 3 percent.

In commodities, crude oil futures for February are up $0.12 or 0.22 percent at $53.73 a barrel.

Natural gas for February is down $0.089 or 2.78 percent at $3.110 per million btu.

Gold futures for February are up $23.60 or 2.00 percent at $1,205.50 an ounce.

Silver for March is up $0.636 or 4.03 percent at $16.415 an ounce. Meanwhile, copper is up $0.041 or 1.47 percent at $2.863 per pound.

In economic news from the U.S., a report from the Conference Board showed consumer confidence index to have rebounded in the month of December, climbing to 92.6, from an upwardly revised 91.0 in November. Economists had expected the index to jump to a reading of 93.0 from the 88.7 originally reported for the previous month.