Canadian Stocks Follow Global Equities Higher -- Canadian Commentary

(RTTNews) - Canadian stocks are in the green Tuesday, led by mining, industrial and energy stocks, even as traders await the interest rate decision from the U.S. Federal Reserve, due on Wednesday.

The benchmark S&P/TSX Composite Index is up 69.11 points or 0.49 percent at 14,301.

Bay Street followed global markets higher amid easing worries about Ukraine and fairly encouraging U.S. economic data.

Telecom, industrial, healthcare and financial stocks are steady, while gold stocks are weak.

Among diversified metals, Capstone Mining Corporation (CS.TO) is up over 3 percent, Sherritt International Corporation (S.TO) is up 3.3 percent and First Qantum Minerals (FM.TO) and Teck Resources (TCK.B.TO) are up more than 1 percent.

Among gold stocks, Barrick Gold Corporation (ABX.TO) is down 1.8 percent, B2Gold Corp. (BTO.TO) is down 2 percent, Detour Gold Corporation (DGC.TO) is down 3.4 percent and Semafo Inc. (SMF.TO) is losing 3.4 percent, while Romarco Minerals (R.TO) is up 1.5 percent.

Energy stock Raging River Exploration (RRX.TO) is up 4.4 percent on reporting a sharp jump in fourth quarter earnings. Whitecap Resources Inc. (WCP.TO) is up 1.5 percent.

Ballard Power Systems (BLD.TO) is down 4 percent and Bombardier Inc. (BBD.B.TO) is up nearly 1 percent.

In corporate news, Alain Bouchard is stepping down as CEO of convenience food chain Alimentation Couche-Tard.

Shares of Alimentation Couche-Tard Inc. (ATD.B) are up nearly 2 percent. The company said it posted net earnings of $182.3 million for the third quarter, compared to $142.2 million for the third quarter of the previous fiscal year.

Stella-Jones Inc.(SJ.TO) is up 3.7 percent following the company signing a non-binding letter of intent to acquire the wood treading facilities of Boatright Railroad Products Inc.

Painted Pony Petroleum (PPY.TO) is down 0.7 percent ahead of results.

TMX Group Ltd. (X.TO) said Monday that its Chief Executive Officer Thomas Kloet will retire from the company effective August 31. TMX Group shares are up marginally.

Air Canada (AC.A.TO) said it has suspended flights to Venezuela, citing security concerns. Air Canada shares are little changed from last closing level.

Gold for April is down $17.60 or 1.28 percent at $1,355.30, slightly off a low of $1,351.20 it touched earlier, its weakest level since March 12, and well off a six-month high of $1,992.60 touched on Monday.

Silver for May is down $0.497 or 2.34 percent at $20.778, while Copper is little changed at $2.957 a pound.

Meanwhile, Crude Oil for April delivery is up $0.21 or 0.2 percent at $98.29 a barrel. Natural Gas is down $0.052 or 1.23 percent 1.2 percent at $4.484 per million btu, still some way off from a 3-year peak of $5.

Markets will be paying attention this afternoon when the American Petroleum Institute releases its U.S. crude oil inventories figures for last week. Analysts expect a significant build in stockpiles for a second straight week.

In the currency market, the Canadian dollar is up 0.14 percent at 90.53 U.S. cents.

On the economic front, Canadian factory shipments were up more than expected in January, rising at their fastest pace in 11 months as demand for iron, steel and food products rose.

Manufacturing sales climbed 1.5 percent to 50.36 billion Canadian dollars ($45.56 billion), Statistics Canada said Tuesday.

In economic news from the U.S., consumer inflation was tame in February. The consumer-price index increased 0.1 percent, in line with estimates. The figures are not expected alter the Fed's plan to continue trimming its massive bond-buying plan.

Asian markets mostly ended higher, although buying interest was a bit subdued. Major European markets are trading higher after a weak start.