OTTAWA: The Canadian stock market got off to a weak start Wednesday, but has since pared its early losses and has now turned modestly positive. The heavyweight financial sector is providing support this morning, while gold and energy stocks are down on weakness in commodity prices.
The European markets have endured choppy trading action Wednesday, but the majority of the markets are trading with slight gains after four straight days of losses. Markets in the United States are turning in a mixed performance early Wednesday, but are holding pretty close to the flat line. Traders appear reluctant to make significant moves ahead of the monthly jobs report due on Friday as well as next week’s Federal Reserve meeting. The Fed is widely expected to raise rates at its policy meeting. Adding to expectations for an increase in rates, payroll processor ADP released a report showing a sharp jump in private sector employment in the month of February. On Tuesday, the index closed down 20.97 points or 0.13 percent, at 15,608.78. The index scaled an intraday high of 15,637.57 and a low of 15,577.25.
The Energy Index is falling 0.69 percent. Crude oil prices continue to fall Wednesday morning amid signs that U.S. storage facilities are overrun with surplus oil. Adding to record inventories, U.S. crude stocks rose by a more-than-forecast 11.6 million barrels last week, data from industry group the American Petroleum Institute, said yesterday. The U.S. EIA reported this morning that U.S. crude inventories increased by 8.2 million barrels last week. Suncor Energy (SU.TO) is losing 0.50 percent and Crescent Point Energy (CPG.TO) is down 1.78 percent. Canadian Natural Resources (CNQ.TO) is declining 1.33 percent and Encana (ECA.TO) is weakening by 1.53 percent. Husky Energy (HSE.TO) is dipping 0.06 percent and Enbridge (ENB.TO) is lower by 0.20 percent. The Gold Index is declining 0.54 percent. Gold prices are extending recent steep losses Wednesday morning as the dollar continues to firm versus its major rivals.
Barrick Gold (ABX.TO) is decreasing 0.65 percent and Goldcorp (G.TO) is losing 0.41 percent. Kinross Gold (K.TO) is weakening by 0.46 percent and Yamana Gold (YRI.TO) is falling 0.30 percent. B2Gold (BTO.TO) is surrendering 0.53 percent and IAMGOLD (IMG.TO) is declining 2.72 percent. The Capped Materials Index is also down 0.36 percent. Agnico Eagle Mines (AEM.TO) is declining 0.30 percent and Silver Wheaton (SLW.TO) is falling 1.33 percent. The Capped Telecommunication Services Index is down 0.34 percent. Rogers Communications (RCI-B.TO) is falling 0.14 percent and TELUS (T.TO) is losing 0.12 percent. Manitoba Telecom Services (MBT.TO) is lower by 0.05 percent and BCE (BCE.TO) is slipping 0.07 percent. The Capped Information Technology Index is losing 0.17 percent. Descartes Systems Group (DSG.TO) is decreasing 0.61 percent. The Capped Healthcare Index is lower by 0.06 percent. Concordia International (CXR.TO) is losing 1.78 percent.
