TSX Ends Lower On Global Cues - Canadian Commentary

(RTTNews) - Canadian stocks ended lower for a fourth session Friday, tracking declining global equity markets as investors await fresh catalysts ahead of some financial policy meets coming up next week. The uncertainty surrounding the U.S. Federal Reserve's move on tapering down its accommodative monetary stimulus program also also impacted the main index.

Elsewhere, European shares were moving lower even after a report indicated eurozone's leading economic index increased for the third successive month in June, with hopes that the recession-stricken economy would recover in the second half.

Meanwhile, the International Monetary Fund in a report said that the European Central Bank has room for further policy rate cuts and should consider offering more cheaper loans to banks to help the economy exit recession..

The S&P/TSX Composite Index closed Friday at 12,647.90, down 21.24 points or 0.17 percent. The index touched an intraday high of 12,676.78 and a low of 12,614.56. The Index shed a near 100 points or 1 percent in the past three sessions.

The Global Gold Index gained 1.42 percent, with gold futures for August delivery gaining $9.30 or 0.7 percent to close at $1,328.80 an ounce Friday on the Nymex.

Among gold stocks, Yamana Gold Inc. (YRI.TO) added 0.72 percent, while Kinross Gold Corp. (K.TO) gained 2.00 percent. Barrick Gold Corp. (ABX.TO) added 1.78 percent, while Goldcorp Inc. (G.TO) gathered 2.18 percent.

The Capped Materials Index added 0.86 percent, with Potash Corporation of Saskatchewan Inc.(POT.TO) down 0.55 percent.

The Diversified Metals & Mining Index gained 0.94 percent, with First Quantum Minerals Ltd. (FM.TO) down 0.53 percent. Lundin Mining Corp. (LUN.TO) jumped 3.13 percent, while Osisko Mining Corp. (OSK.TO) gathered 1.15 percent. Teck Resources Limited (TCK.B.TO) gathered 2.87 percent.

The Energy Index dropped 1.08 percent, with U.S. crude oil futures for September delivery shedding $0.79 or 0.8 percent to close at $104.70 a barrel Friday on the Nymex.

Among energy stocks, Suncor Energy Inc. (SU.TO) slipped 0.58 percent, while Enbridge Inc. (ENB.TO) shed 1.08 percent. Canadian Natural Resources Limited (CNQ.TO) dived 4.45 percent, while Cenovus Energy Inc. (CVE.TO) slipped 0.75 percent. Encana Corp. (ECA.TO) gathered 2.15 percent.

The Financial Index slipped 0.12 percent with Bank of Montreal (BMO.TO) down 0.05 percent, Royal Bank of Canada (RY.TO) down 0.05 percent, and Toronto-Dominion Bank slipped 0.06 percent. Bank of Nova Scotia (BNS.TO) edged down 0.05 percent, while National Bank of Canada (NA.TO) lost 0.19 percent.

The Information Technology Index gained 0.33 percent, with BlackBerry Limited (BB.TO) down 1.40 percent.

The Capped Industrials Index fell 0.38 percent, although Bombardier Inc. (BBD.A.TO, BBD.B.TO) gained 0.41 percent.

Energy infrastructure company TransCanada Corp. (TRP.TO) edged up $0.04 percent, after reporting second quarter net income of C$365 million or C$0.52 per share, compared to C$272 million or C$0.39 per share in the prior-year quarter. Analysts expected earnings of C$0.51 per share for the quarter.

Supply chain solutions provider Celestica Inc. (CLS.TO) jumped 6.34 percent after reporting higher second-quarter net income at $28.0 million or $0.15 per share compared to $23.6 million or $0.11 per share in the same quarter last year. Adjusted earnings were $0.21 per share, down from $0.22 per share in the prior year. Analysts expected the company to report earnings of $0.17 per share for the quarter.

Packaging materials maker Winpak Ltd. (WPK.TO) gathered 1.06 percent after reporting improved second-quarter net income of $17 million or $0.26 per share compared to $16 million or $0.25 per share last year.

Pipelines, natural gas and electricity transmission and distribution company Canadian Utilities (CU.TO) edged up 0.86 percent after reporting higher second quarter net earnings of C$160 million compared with C$104 million a year ago.

In economic news from the U.S., a Thomson Reuters and University of Michigan report upwardly revised the consumer sentiment index for July to 85.1 from the preliminary reading of 83.9. Economists expected the index to be upwardly revised to 84.0. The index is now above the final June reading of 84.1 and at its highest level since July 2007.

Elsewhere, Germany's import prices declined for a sixth consecutive month in June, data from the Federal Statistical Office showed. Import prices declined 2.2 percent year-on-year in June, after a 2.9 percent fall in May. The pace of decline, however, was the slowest in four months.

French consumer confidence improved to 82 in July from a revised reading of 79 a month ago, data from the statistical office Insee showed. Economists expected the index to rise to 79 from June's initially estimated record low level 78.

Eurozone's leading economic index increased for the third successive month in June, lifting hopes that the recession-stricken economy would recover in the second half, a Conference Board survey showed. The leading economic index moved up 0.5 percent on a monthly basis to 107.5 in June, marking the third successive growth. In May and April, the index rose by 0.4 percent and 0.1 percent respectively.