Canadian Stocks Are Rising On Commodity Strength -- Canadian Commentary

(RTTNews) - The Canadian stock market is climbing in early trade Friday, following yesterday's modest pull back. Mining stocks are leading the way higher as most metal prices are rising. Crude oil prices have risen above $44 a barrel, which is providing a boost to energy stocks. Healthcare stocks are also enjoying significant gains thanks to some news from both Valeant and Concordia Healthcare.

The majority of the European markets are trading in the red Friday. The markets turned in a mixed performance yesterday, after the European Central Bank maintained its rates. A closely-watched survey painted a sluggish picture of Eurozone business activity in April, further weighing on investor sentiment.

Markets in the United States are struggling in early trade. The tech-heavy Nasdaq is taking the brunt of the losses this morning after companies like Alphabet and Microsoft posted weaker than expected quarterly results.

The benchmark S&P/TSX Composite Index is up 18.20 points or 0.13 percent at 13,899.40.

On Thursday, the index closed down 30.09 points or 0.22 percent, at 13,881.20. The index scaled an intraday high of 13,963.09 and a low of 13,844.74.

The Diversified Metal and Mining Index is climbing 3.12 percent. Teck Resources (TCK-B.TO) gaining 1.34 percent and HudBay Minerals (HBM.TO) is increasing 8.45 percent. First Quantum Minerals (FM.TO) is rising 6.51 percent and Capstone Mining (CS.TO) is advancing 3.95 percent. Lundin Mining (LUN.TO) is also higher by 2.30 percent.

The Capped Healthcare Index is gaining 1.87 percent. Concordia Healthcare (CXR.TO) is rising 4.09 percent. The company announced yesterday that it has formed a special committee of independent members of the Board of Directors of the Company to consider various strategic alternatives.

Valeant Pharmaceuticals International (VRX.TO) is surging 7.86 percent. The Wall Street Journal reported this morning that the company is finalizing a contract to name Perrigo Co. Chief Executive Joseph Papa as its next CEO.

The Energy Index is up 1.74 percent. Crude oil prices have climbed above $44 a barrel this morning.

Crescent Point Energy (CPG.TO) is gaining 3.27 percent and Cenovus Energy (CVE.TO) is advancing 3.91 percent. Imperial Oil (IMO.TO) is increasing 0.91 percent and Canadian Natural Resources (CNQ.TO) is rising 1.06 percent. Enbridge (ENB.TO) is higher by 0.28 percent and Encana (ECA.TO) is climbing 3.65 percent. Suncor Energy (SU.TO) is up 0.53 percent and Husky Energy (HSE.TO) is adding 2.56 percent.

The heavyweight Financial Index is increasing 0.26 percent. Royal Bank of Canada (RY.TO) is higher by 0.35 percent and National Bank of Canada (NA.TO) is advancing 0.04 percent. Canadian Imperial Bank of Commerce (CM.TO) is up 0.12 percent and Bank of Montreal (BMO.TO) is rising 0.38 percent. Bank of Nova Scotia (BNS.TO) is gaining 0.68 percent.

The Capped Materials Index is up 0.18 percent. Silver Wheaton (SLW.TO) is climbing 0.82 percent and Agrium (AGU.TO) is higher by 0.33 percent.

The Capped Information Technology Index is falling 1.11 percent. Constellation Software (CSU.TO) is losing 1.97 percent and Descartes Systems Group (DSG.TO) is declining 0.87 percent.

The Gold Index is declining 0.49 percent. Gold prices are down slightly this morning, unable to extend strong gains from earlier in the week.

Goldcorp (G.TO) is falling 0.94 percent and Barrick Gold (ABX.TO) is dipping 0.34 percent. Yamana Gold (YRI.TO) is lower by 0.54 percent and B2Gold (BTO.TO) is declining 2.14 percent. Royal Gold (RGL.TO) is also decreasing 0.10 percent.

The Capped Telecommunication Services Index is falling 0.44 percent. Rogers Communication (RCI-B.TO) is losing 0.59 percent and TELUS (T.TO) is declining 0.08 percent. BCE (BCE.TO) is down 0.87 percent and Manitoba Telecom Services (MBT.TO) is decreasing 0.19 percent.

The Capped Industrials Index is losing 0.29 percent. Canadian Pacific Railway (CP.TO) is lower by 1.23 percent and AutoCanada (ACQ.TO) is declining 1.03 percent. Air Canada (AC.TO) is falling 1.75 percent and Bombardier (BBD-B.TO) is down 1.16 percent.

Saputo (SAP.TO) is declining 0.78 percent. The company announced that Dino Dello Sbarba, its President and Chief Operating Officer, will retire effective April 1, 2017.

On the economic front, Statistics Canada reported this morning that the Canadian consumer price index rose 1.3 percent in March, from a year ago. Economists had expected an increase of 1.2 percent.

A separate report from Statistics Canada showed that Canadian retail sales unexpectedly rose 0.4 percent in February. Economists had been looking for a decrease of 0.8 percent.

Eurozone private sector activity remained sluggish at the start of the second quarter with the pace of expansion easing unexpectedly in April, as manufacturing growth failed to gain momentum and services activity improved less-than-expected.

The flash Composite Purchasing Managers' Index, or PMI, which combines manufacturing and services, fell to a two-month low of 53 from 53.1 in March, preliminary results of the latest Purchasing Managers' survey by Markit Economics revealed Friday. Economists had forecast a score of 53.3.

Germany's private sector expanded at the slowest pace in nine months in April, flash survey data from Markit showed Friday. The composite output index fell to a 9-month low of 53.8 in April from 54.0 in March.

The French private sector output expanded for the first time since January, flash survey data from Markit showed Friday. The flash composite output index rose to 50.5 in April from 50.0 in March.

British households perceived that the value of their home increased in April, survey figures from Markit Economics and Knight Frank showed Friday. The Knight Frank/Markit House Price Sentiment Index, or HPSI, dropped marginally to 60.1 in April from 60.5 in the previous month.

In commodities, crude oil futures for May delivery are up 1.14 or 2.64 percent at $44.32 a barrel.

Natural gas for May is up 0.009 or 0.44 percent at $2.077 per million btu.

Gold futures for June are down $5.70 or 0.46 percent at $1,244.60 an ounce.

Silver for May is up $0.225 or 1.32 percent at $17.315 an ounce.