The Canadian stock market opened sharply higher Monday morning, but has since come off its early highs. Rising commodity prices have provided a boost to shares of energy and gold stocks at the start of the new trading week.
Markets in Europe are trading in the green Monday. The markets received a boost in early trade due to the rebound on Wall Street at the end of the prior trading week. However, the European markets have since settled into a sideways pattern.
Markets on Wall Street got off to a positive start Monday, but have since pared their early gains. Trading activity remains subdued due to the lack of U.S. economic data this morning. Investors also remain in a cautious mood following the recent correction in the equity markets.
The benchmark S&P/TSX Composite Index is up 90.52 points or 0.60 percent at 15,125.05.
On Friday, the index closed down 31.08 points or 0.21 percent, at 15,034.53. The index scaled an intraday high of 15,110.88 and a low of 14,785.78.
The Capped Information Technology Index is gaining 1.78 percent. BlackBerry (BB.TO) is advancing 1.54 percent and Constellation Software (CSU.TO) is climbing 1.33 percent. Sierra Wireless (SW.TO) is higher by 7.07 percent and Descartes Systems Group (DSG.TO) is adding 0.09 percent.
The Gold Index is increasing 1.61 percent. Gold prices are rising Monday morning and have climbed above $1325 an ounce.
Goldcorp (G.TO) is climbing 2.22 percent and Kinross Gold (K.TO) is adding 1.02 percent. Barrick Gold (ABX.TO) is up 1.10 percent and IAMGOLD (IMG.TO) is increasing 3.61 percent. Eldorado Gold (ELD.TO) is rising 3.45 percent and B2Gold (BTO.TO) is gaining 4.34 percent. Yamana Gold (YRI.TO) is advancing 3.34 percent.
The Capped Materials Index is up 1.71 percent. Franco-Nevada (FNV.TO) is advancing 0.94 percent and Agnico Eagle Mines (AEM.TO) is rising 1.85 percent. Nutrien (NTR.TO) is increasing 1.61 percent.
The Energy Index is rising 1.39 percent. Crude oil prices have risen back above $60 a barrel Monday morning, due to rising tensions in the Middle East.
Israel shot down an Iranian drone over the weekend and launched attacks against Iranian site in Syria, from where it launched. While returning, one of Israel's jets, F-16 fighter was downed by Syrian forces.
Canadian Natural Resources (CNQ.TO) is gaining 0.84 percent and Cenovus Energy (CVE.TO) is advancing 1.71 percent. Crescent Point Energy (CPG.TO) is rising 2.18 percent and Enbridge (ENB.TO) is gaining 0.61 percent. Encana (ECA.TO) is increasing 5.26 percent and Suncor Energy (SU.TO) is adding 0.31 percent. Husky Energy (HSE.TO) is up 0.73 percent and Imperial Oil (IMO.TO) is adding 0.48 percent.
The Capped Industrials Index is up 0.65 percent. Canadian Pacific Railway (CP.TO) is rising 0.63 percent and Canadian National Railway (CNR.TO) is advancing 0.70 percent. WestJet Airlines (WJA.TO) is gaining 0.50 percent and Air Canada (AC.TO) is climbing 0.44 percent. Finning International (FTT.TO) is advancing 1.50 percent.
The Capped Telecommunication Services Index is up 0.25 percent. BCE (BCE.TO) is climbing 0.72 percent and Rogers Communications (RCI-B.TO) is higher by 0.12 percent.
The Capped Healthcare Index is lower by 0.79 percent. Concordia International (CXR.TO) is declining 1.27 percent and Valeant Pharmaceuticals International (VRX.TO) is down 0.49 percent.
First Quantum Minerals (FM.TO) is climbing 1.53 percent. The company reported a fourth quarter comparative loss of $0.05 per share, compared to the profit of $0.04 per share last year.
Restaurant Brands International (QSR.TO) is surging 5.08 percent after reporting fourth quarter EPS of $1.59, compared to $0.50 a year ago.
In commodities, crude oil futures for March delivery are up 0.81 or 1.37 percent at $60.01 a barrel.
Natural gas for March is down 0.02 or 0.77 percent at $2.564 per million btu.
Gold futures for April are up 9.30 or 0.71 percent at $1,325.00 an ounce.
Silver for March is up 0.346 or 2.14 percent at $16.485 an ounce.
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