TSX Ending Record-Setting Week With Further Gains -- Canadian Commentary

(RTTNews) - Canadian stocks have risen to a new high Friday mid morning, after opening on a slightly weak note amid lingering concerns about the situation in Ukraine.

Besides some solid earnings reports, data from the U.S. Commerce Department showing a better than expected rise in durable goods orders is aiding sentiment.

Meanwhile, the unrest in Ukraine continues with reports saying that shells fired by Ukrainian forces hit Russian territory Friday. Ukraine has alleged that Russia is planning to deliver powerful rocket launchers to separatist forces in Ukraine.

The benchmark S&P/TSX Composite Index is up 37.23 points or 0.24 percent at 15,431.68, slightly off a new high of 15,439.34 touched this morning.

Among big six banks, Royal Bank of Canada (RY.TO), Toronto-Dominion Bank (TD.TO), Bank of Nova Scotia (BNS.TO) and National Bank of Canada (NA.TO) are advancing 0.4 to 0.8 percent, while Bank of Montreal (BMO.TO) and National Bank of Canada (NA.TO) are up marginally.

Among miners, Teck Resources Limited (TCK.B.TO) is losing over 2.5 percent and Cameco Corporation (CCO.TO) is down 2.2 percent. Major Drilling Group International Inc. (MDI.TO) and Nevsun Resources (NSU.TO) are lower by about 0.5 percent, while Lundin Mining Corporation (LUN.TO) is down 0.3 percent.

Energy stocks are lower, tracking weak crude oil prices. In the energy sector, Encana Corporation (ECA.TO) is declining 1.6 percent and Cenovus Energy Inc. (CVE.TO) is losing about 1.2 percent. Crescent Point Energy Corp. (CPG.TO), Canadian Oil Sands (COS.TO) and Husky Energy (HSE.TO) are lower by 0.4 to 0.8 percent.

Gold stocks are moving up, on higher bullion prices. Goldcorp Inc. (G.TO), Silver Wheaton Corp. (SLW.TO), Yamana Gold Inc. (YRI.TO), Agnico Eagle Mines Limited (AEM.TO), Eldorado Gold Corporation (ELD.TO), Detour Gold Corporation (DGC.TO) and Kinross Gold Corporation (K.TO) are rising 0.5 to 1.0 percent, while Franco-Nevada Corporation (FNV.TO) is climbing nearly 2 percent.

In the industrial space, SNC-Lavalin Group Inc. (SNC.TO) is moving up nearly 3 percent after the company signed a memorandum of understanding with China National Nuclear Corp.

WestJet Airlines Ltd. (WJA.TO) and Canadian National Railway Company (CNR.TO) are up 0.8 percent and 0.5 percent, respectively.

Meanwhile, EnerCare Inc. (ECI.TO) is losing over 2 percent. British electricity supplier Centrica plc (CNA.L) said its North American unit Direct Energy agreed to sell its Ontario home services business to EnerCare, for C$550 million.

Progressive Waste Solutions Ltd. (BIN.TO) is declining 0.6 percent. The company reported consolidated revenues of $513.5 million for the second quarter, a decline of 0.6 percent from the comparative period.

Canfor Corporation (CFP.TO) reported second quarter net income of $54.3 million, or $0.39 per share, compared to $45.5 million, or $0.33 per share, for the first quarter of 2014 and $110.3 million, or $0.77 per share, for the second quarter of 2013. The stock is down marginally.

MDC Partners Inc. (MDZ.A.TO) shares are up 3.6 percent after reporting second quarter net income of $16.5 million, up 67.8 percent from net income of $9.8 million in the previous corresponding quarter.

Technology stock Celestica Inc. (CLS.TO) is rising over 1 percent after the company reported second quarter earnings of 22 cents a share, from 15 cents in the year ago quarter.

In commodities, crude oil futures for September are down $0.55 or 0.54 percent at $101.52 a barrel.

Natural gas for August is down $0.062 or 1.61 percent at $3.785 per million btu.

Gold futures for August are up $4.00 or 0.31 percent at $1,294.80 an ounce.

Silver for September is up $0.080 or 0.40 percent at $20.495 an ounce. Meanwhile, copper is down $0.020 or 0.61 percent at $3.247 per pound.

In economic news from the U.S., orders for durable goods were up 0.7 percent in June, the Commerce Department said. Economists expected durable goods order growth of 0.5 percent month-over-month. Excluding transportation, orders rose 0.8 percent in June, beating expectations for a 0.7 percent increase.