Canadian Stocks Are Struggling To Find Direction -- Canadian Commentary

(RTTNews) - The Canadian stock market has been fluctuating between small gains and losses since the open of trade Friday. Energy stocks are under pressure this morning as crude oil prices have slipped to around $47 a barrel. Investors are becoming doubtful that OPEC members will reach an agreement on production cuts at their meeting next week.

Markets in Europe are turning in a mixed performance at the end of the week, in choppy trading action. Bank shares are retreating ahead of the upcoming Italian referendum on constitutional reform.

Markets in the United States are trading slightly to the upside after returning from yesterday's Thanksgiving holiday. However, trading activity remains subdued due to today's shortened session on Wall Street. Many traders remain away from their desks due to the holiday.

The benchmark S&P/TSX Composite Index is up 18.69 points or 0.12 percent at 15,093.89.

On Thursday, the index closed down 5.71 points or 0.04 percent, at 15,075.20. The index scaled an intraday high of 15,121.67 and a low of 15,067.37.

The Gold Index is advancing 1.47 percent. Gold prices are trading nearly flat Friday morning. Goldcorp (G.TO) is up 2.36 percent and Barrick Gold (ABX.TO) is gaining 1.88 percent. Eldorado Gold (ELD.TO) is advancing 2.82 percent and Kinross Gold (K.TO) is climbing 0.94 percent. B2Gold (BTO.TO) is rising 0.64 percent and IAMGOLD (IMG.TO) is higher by 2.74 percent. Yamana Gold (YRI.TO) is also increasing 0.38 percent.

The Capped Materials Index is also up 0.33 percent. Agnico Eagle Mines (AEM.TO) is advancing 1.56 percent and Franco-Nevada (FNV.TO) is climbing 0.59 percent. Silver Wheaton (SLW.TO) is increasing 0.29 percent.

The Capped Industrials Index is up 0.30 percent. Canadian Pacific Railway (CP.TO) is gaining 0.33 percent and Canadian National Railway (CNR.TO) is rising 0.76 percent. Air Canada (AC.TO) is increasing 0.63 percent.

The Capped Information Technology Index is rising 0.27 percent. BlackBerry (BB.TO) is up 0.40 percent and Descartes Systems Group (DSG.TO) is advancing 0.23 percent. Constellation Software (CSU.TO) is gaining 0.72 percent.

The Capped Telecommunication Services Index is climbing 0.22 percent. TELUS (T.TO) is higher by 0.33 percent and Rogers Communications (RCI-B.TO) is up 0.21 percent. BCE (BCE.TO) is also rising 0.33 percent.

The heavyweight Financial Index is increasing 0.21 percent. Toronto-Dominion Bank (TD.TO) is rising 0.31 percent and National Bank of Canada (NA.TO) is climbing 0.22 percent. Royal Bank of Canada (RY.TO) is up 0.15 percent and Bank of Nova Scotia (BNS.TO) is adding 0.07 percent. Bank of Montreal (BMO.TO) is advancing 0.32 percent and Canadian Imperial Bank of Commerce (CM.TO) is higher by 0.28 percent.

The Energy Index is down 1.00 percent. Crude oil prices are down Friday morning, hovering around $47 a barrel. Investors are skeptical that OPEC members will be able to come to an agreement on production cuts at their meeting next week.

Suncor Energy (SU.TO) is weakening by 0.38 percent and Cenovus Energy (CVE.TO) is decreasing 0.59 percent. Crescent Point Energy (CPG.TO) is falling 1.40 percent and Imperial Oil (IMO.TO) is losing 1.31 percent. Encana (ECA.TO) is declining 1.44 percent and Canadian Natural Resources (CNQ.TO) is down 0.95 percent. Husky Energy (HSE.TO) is surrendering 1.74 percent.

The Capped Healthcare Index is lower by 0.37 percent. Valeant Pharmaceuticals International (VRX.TO) is falling 0.72 percent and Concordia International (CXR.TO) is weakening by 1.39 percent.

On the economic front, French consumer sentiment remained stable in November, the statistical office Insee reported Friday. The consumer confidence index held steady at 98 in November. It has remained below its long-term average of 100.

French unemployment declined in October, figures from the labor ministry revealed Thursday. The number of registered unemployed decreased 0.3 percent from prior month to 3.48 million. This was the second consecutive decline in unemployment.

The U.K. economy expanded as estimated on spending and foreign demand in the third quarter, but the pace of growth moderated in the wake of 'Brexit' vote.

Gross domestic product climbed 0.5 percent sequentially, slower than the 0.7 percent expansion registered in the second quarter, the second estimate from the Office for National Statistics showed Friday.

With imports rising and exports falling, the Commerce Department released a report on Friday showing that the U.S. trade deficit in goods widened much more than expected in October. The report said the goods deficit widened to $62.0 billion in October from $56.5 billion in September. The deficit had been expected to widen to $59.7 billion.

In commodities, crude oil futures for December delivery are down 0.65 or 1.36 percent at $47.31 a barrel.

Natural gas for December is up 0.038 or 1.26 percent at $3.064 per million btu.

Gold futures for December are down $3.10 or 0.26 percent at $1,186.20 an ounce.

Silver for December is up $0.104 or 0.63 percent at $16.495 an ounce.