TSX Ends Higher On Global Cues -- Canadian Commentary

(RTTNews) - Canadian stocks ended higher for a third straight session on Friday, tracking rising global equity markets after some encouraging U.S. consumer sentiment report, led by financial and mining stocks.

Nonetheless, investors continued to monitor news from Iraq even as Sunni jihadists continued to establish positions across the north and west of Iraq, prompting talk the country will dissolve along sectarian lines.

In some positive economic news from the U.S., an upward revision from the preliminary reading of a Thomson Reuters and the University of Michigan report showed consumer sentiment to have improved in June.

The S&P/TSX Composite Index closed Friday at 15,094.25, up 63.51 points or 0.42 percent. The index scaled an intraday high of 15,094.25 and a low of 15,016.96.

On Thursday, the index closed higher for a second day in a row. Earlier this week, the index very nearly breached its all-time intraday high of 15,154.77, recorded on June 6, 2008.

Crude oil ended slightly lower as worries over Iraqi oil shipments seemed to ease with the country's parliament scheduled to meet on Tuesday to discuss the process of forming a new government.

The Energy Index gained 0.15 percent, although U.S. crude oil futures for August delivery, the most actively traded contract, dropped $0.10 or 0.1 percent to close at $105.74 a barrel Friday on the Nymex.

Among energy stocks, Canadian Natural Resources Ltd. (CNQ.TO) moved up 0.74 percent, Talisman Energy Inc. (TLM.TO) dipped 0.53 percent, Suncor Energy Inc.(SU.TO) gained 0.51 percent, and Cenovus Energy Inc. (CVE.TO) added 0.53 percent.

Encana Corp. (ECA.TO) shed 1.45 percent after reaching an agreement with Calgary, Alberta-based Jupiter Resources to sell its Bighorn assets, spread over 360,000 acres, for about $1.8 billion or C$2.0 billion.

The Financial Index added 0.61 percent with Toronto-Dominion Bank up 0.96 percent, Bank of Montreal (BMO.TO) up 0.91 percent, National Bank of Canada (NA.TO) up 0.18 percent, and Bank of Nova Scotia (BNS.TO) down 0.21 percent. Royal Bank of Canada (RY.TO) added 0.92 percent after ending flat yesterday.

The Capped Healthcare Index gained 0.97 percent with Valeant Pharmaceuticals International, Inc. (VRX.TO) up 2.09 percent, and Catamaran Corp. (CCT.TO) down 0.70 percent

Gold futures ended higher on a weak dollar with investors looking for fresh triggers after a recent run-up in bullion prices.

The Global Gold Index dropped 0.18 percent, although gold futures for August delivery gaining $3.00 or 0.2 percent to close at $1,320.00 an ounce Friday on the Nymex.

Among gold stocks, Eldorado Gold Corp. (ELD.TO) gained 5.76 percent, B2Gold Corp. (BTO.TO) dropped 1.62 percent, Yamana Gold Inc. (YRI.TO) slipped 1.15 percent, Goldcorp Inc. (G.TO) shed 0.34 percent, Kinross Gold Corp. (K.TO) declined 3.60 percent, and Barrick Gold Corp. (ABX.TO) edged down 0.05 percent.

The Capped Materials Index edged down 0.06 percent, with Potash Corp. of Saskatchewan Inc. (POT.TO) slipping 0.25 percent.

The Diversified Metals & Mining Index gained 0.88 percent, with Lundin Mining Corp. (LUN.TO) up 3.55 percent, Teck Resources Limited (TCK.B.TO) gained 0.72 percent, and Turquoise Hill Resources Ltd. (TRQ.TO) added 0.86 percent,

First Quantum Minerals Ltd. (FM.TO) edged up 0.04 percent after announcing the temporary halt of construction activity at its Cobre Panama project due to an illegal work stoppage by some members of its construction workforce.

The Information Technology Index gained 0.88 percent, with BlackBerry Limited (BB.TO) down 1.32 percent.

Among other tech stocks, CGI Group Inc. (GIB.A.TO) added 2.16 percent, Constellation Software Inc. (CSU.TO) added 3.17 percent, and Avigilon Corp. (AVO.TO) shed 1.22 percent.

Shares of Descartes Systems Group (DSG.TO) gained 3.01 percent after the company priced its public offering of common shares in the U.S and Canada, at $13.50 per common share, aiming to mobilize $128.25 million.

The Capped Industrials Index moved up 0.11 percent, with Bombardier Inc. (BBD.B.TO) down 0.79 percent, while Air Canada (ACB.B.TO) gained 1.28 percent.

In the consumer staples section, Empire Company Limited (EMP.A.TO) rose 4.62 percent, extending gains from the previous session on strong results. Loblaw Companies Limited (L.TO) gained 0.46 percent.

On the economic front, a report from Statistics Canada showed the country's raw material price index to have declined to minus 4 percent in May, falling way short of expectations for a 1.3 percent rise. In April, the index stood at 0.1 percent.

Meanwhile, the industrial product price index declined to minus 0.5 percent in May, drifting down from minus 0.2 percent in the preceding month.

In economic news from the U.S., a Thomson Reuters and the University of Michigan report showed an upward revision in consumer sentiment to a reading of 82.5 in June, from the preliminary reading of 81.2. With the upward revision, the index exceeded economist estimates and came in above the final May reading of 81.9.

Industrial profit rose in May, although at a slower rate than in the previous month, data from China's National Bureau of Statistics showed on Friday. The growth in industrial profit slowed to 8.9 percent on year in May after profit surged 9.6 percent in April. Profit for the five months ended May were up 9.8 percent, edging down from the 10 percent growth for the four months ended April.

Eurozone economic confidence weakened unexpectedly in June from a 34-month high as the region struggles to lift its growth momentum in the second quarter, with deterioration in industry, construction and consumer confidence. The economic sentiment index fell to 102 in June from a revised 102.6 in May, a survey by the European Commission showed Friday. It was forecast to rise to 103. Nonetheless, the score remains above its long-term average.

U.K. house price inflation picked up further in May, data from Land Registry showed Friday. House prices advanced 6.7 percent year-on-year in May, faster than the 6.3 percent rise in April. At 18.5 percent, the annual increase for London was considerably higher than other regions.

On a monthly basis, overall house prices gained 0.4 versus 1.2 rise in April. This was the second consecutive monthly increase. London again experienced the greatest monthly rise with a movement of 2.5 percent.