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TSX In Rally Mode As Global Jitters Ease -- Canadian Commentary(Alliance News Via Acquire Media NewsEdge) WASHINGTON (Alliance News) - Canadian stocks are moving higher Tuesday morning, extending gains to a fourth successive session, with higher commodity prices and fairly impressive economic data from the US and China aiding sentiment. Expectations that the European Central Bank will announce further stimulus to revive the eurozone economy and speculation that the US Federal Reserve may delay ending its asset buying program are contributing as well to the market's upmove. Some upbeat US corporate earnings reports and strong numbers from Canadian Pacific Railway are also supporting the rally. The benchmark S&P/TSX Composite Index is up 136.75 points or 0.95% at 14,474.52, adding nearly 4.5% since last Wednesday. On Monday, the index closed up 110.99 points or 0.77% at 14,337.77, extending gains to a third successive session. The index scaled a intraday high of 14,354.77 and a low of 14,180.10. Among the big six banks, Royal Bank of Canada (RY.TO) is up 0.4% and Toronto-Dominion Bank (TD.TO) is up marginally, while the rest are down with marginal losses. The Energy Index is up 1.6%. Canadian Natural Resources Limited (CNQ.TO) is moving up 2.7%, Suncor Energy Inc. (SU.TO), Crescent Point Energy Corp. (CPG.TO) and Husky Energy Inc. (HSE.TO) are advancing 1.2 to 1.6%, while Cenovus Energy (CVE.TO) and Imperial Oil (IMO.TO) are up 0.8% and 0.7%, respectively. The Healthcare index is up 1.75%, with Valeant Pharmaceuticals International Inc. (VRX.TO) rising 3.3%. Extendicare Inc. (EXE.TO) is up 0.7% and Catamaran Corporation (CCT.TO) is advancing 0.3%. The Consumer Discretionary Index is up 1.3%. Amaya Gaming Group Inc. (AYA.TO) is rising over 6%, Magna International Inc. (MG.TO) is moving up 3.1%, Canadian Tire Corporation (CTC.A.TO) is advancing 1.1% and Gildan Activewear Inc. (GIL.TO) is up nearly 1%. The Industrials Index is up 1.2%, with Canadian Pacific Railway (CP.TO) moving up over 3% after reporting third-quarter net income of CAD400 million or CAD2.31 per share, up from CAD324 million or CAD1.84 per share, a year before. Progressive Waste Solutions (BIN.TO) is gaining 2%, Bombardier Inc. (BBD.B.TO) is up 1.4%, Finning International Inc. (FTT.TO) is rising 1.7%, CAE Inc. (CAE.TO) is up 1.6% and WestJet Airlines (WJA.TO) is up 1.3%. The Diversified Metals & Mining Index is up 0.7%. Lundin Mining Corporation (LUN.TO), Teck Resources Limited (TCK.B.TO), First Quantum Minerals Ltd. (FM.TO), HudBay Minerals Inc. (HBM.TO), Nevsun Resources Ltd. (NSU.TO) and Major Drilling Group International Inc. (MDI.TO) are up 0.8 to 1.5%. Meanwhile, Sherritt International Corporation (S.TO) and Capstone Mining Corp. (CS.TO) are moving up by over 2.5%. The Capped Materials Index is moving up nearly 0.5%, with Agnico Eagle Mines (AEM.TO) and Silver Wheaton Corp. (SLW.TO) gaining 1.8% and 1%, respectively. Goldcorp Inc. (G.TO) and Barrick Gold Corporation (ABX.TO) are modestly higher. The Information Technology Index is up 0.6%. Avigilon Corporation (AVO.TO) is climbing nearly 6%. Sierra Wireless inc. (SW.TO), Celestica Inc. (CLS.TO), Constellation Software (CSU.TO), DH Corporation (DH.TO) and Wi-LAN Inc. (WIN.TO) are up 1 to 2.5%. Meanwhile, BlackBerry (BB.TO) is declining 2.3%. Brookfield Canada Office Properties (BOX.UN.TO) is up 0.7% after reporting third-quarter funds from operations of CAD38 million or CAD0.41 per unit, compared with CAD33 million or CAD0.36 per unit last year. In commodities, crude oil futures for November are up USD0.81 or 0.98% at USD83.52 a barrel. Natural gas for December is down USD0.010 or 0.25% at USD3.660 per million btu. Gold futures for December are up USD8.20 or 0.66% at USD1,253.10 an ounce. Silver for December is up USD0.239 or 1.38% at USD17.593 an ounce. Meanwhile, copper is up USD0.035 or 1.18% at USD3.023 per pound. Data released by the National Association of Realtors showed existing home sales in the US to have increased by a more than expected 2.4% to a seasonally adjusted annual rate of 5.17 million in September, after falling 1.8% in the preceding month. According to data released by the Chinese government today, China's gross domestic product expanded 7.3% on year in the third quarter, topping forecasts for a 7.2% increase. However, this was the weakest growth since the first quarter of 2009. China's industrial production was up 8% in September, up from 6.9% in the preceding month and beating expectations for 7.5% increase. Copyright RTT News/dpa-AFX |