TSX Up As Traders Await Earnings Reports - Canadian Commentary

(RTTNews) - Canadian stocks were moving higher Monday morning as traders await cues from the forthcoming earnings season, with Alcoa set to report its second-quarter earnings results after the close of U.S. trading later tonight

Elsewhere, the European markets are trading notably higher, as euro area finance ministers meet in Brussels later in the day and are expected to discuss the aid to Greece. The debt-ridden nation may reach a deal with lenders on the disbursal of future tranches of the bailout money.

The S&P/TSX Composite Index was up 67.34 points or 0.56 percent to 12,202.25.

The price of gold moving higher Monday morning, with the US dollar trading steady versus a basket of currencies after the recent batch of upbeat macroeconomic data. Gold for August delivery added $22.70 to $1,235.40 an ounce.

Among gold stocks, Agnico-Eagle Mines (AEM.TO), Royal Gold, Detour Gold (DGC.TO) and Seabridge Gold (SEA.TO) were up around 3 percent each. Goldcorp. (G.TO) and Kinross Gold (K.TO) gained over 1 percent each.

The price of crude oil was ticking lower Monday morning after registering a 7 percent gain last week on supply concerns. Crude for August shed $0.11 to $103.11.

In the oil patch, Baytex Energy Corp. (BTE.TO) gathered over 1 percent, while Niko Resources (NKO.TO) losing about 0.50 percent. MEG Energy (MEG.TO) lost about 2 percent.

Fertilizer maker Agrium Inc. (AGU.TO) rose about 3 percent.

Insurer Great-West Lifeco Inc. (GWO.TO) gained over 1 percent after announcing that all conditions to its acquisition of Irish Life Group Limited have been satisfied, other than the payment of the 1.3 billion euros consideration. The acquisition is expected to be completed on July 10.

In economic news Statistics Canada said municipalities issued building permits worth $7.3 billion in the month of May, up 4.5 percent from April. The total value of building permits continued to trend upward on the strength of five consecutive monthly increases. The increase in May came mainly from the residential sector in Ontario and the non-residential sector in Quebec.

From the euro zone, German exports declined unexpectedly in May, while the growth in imports accelerated from the prior month, Destatis reported. Exports dropped 2.4 percent month-on-month, confounding expectations for a 0.1 percent rise. The decline in May revered 1.4 percent increase in April. Meanwhile, imports grew at a faster pace of 1.7 percent after rising 1.2 percent a month ago. It was forecast to remain flat in May.

Meanwhile, German industrial production declined more than expected in May due to notable decline in construction and energy output, the Federal Ministry of Economics and Technology said. Industrial output fell 1 percent in May from the previous month, the steepest since October 2012. Economists expected the production to fall 0.5 percent after rising 2 percent in April.

Euro zone investor confidence deteriorated in July after rising for two consecutive months, survey results from think-tank Sentix showed. The investor confidence index fell to -12.6 in July from -11.6 in June, also worse-than the expected reading of -11.7.