Canadian Stocks Continue To Rise As Oil Prices Rebound -- Canadian Commentary

(RTTNews) - The Canadian stock market is adding to its gains from the previous session on Thursday, following the sharp drop at the beginning of the week. The market is tracking rising global equity markets, as oil prices climbed back above $49 per barrel. Weekly jobless claims data from the U.S. was also in focus, ahead of Friday's U.S. jobs report.

First-time claims for U.S. unemployment benefits saw a modest decrease in the week ended January 3rd, according to a report released by the Labor Department on Thursday. The report said initial jobless claims edged down to 294,000, a decrease of 4,000 from the previous week's unrevised level of 298,000. Economists had expected jobless claims to dip to 290,000.

The U.S. Labor Department is scheduled to release its closely watched monthly employment report for December on Friday. Economists expect employment to increase by about 245,000 jobs in December after jumping by 321,000 jobs in November.

The unemployment rate is expected to dip to 5.7 percent from 5.8 percent, hitting its lowest level since June of 2008.

Eurozone retail sales grew more-than-expected in November, at the same rate as in the previous month, preliminary data from Eurostat showed Thursday. Retail sales rose 0.6 percent from October, when they grew the same, revised from 0.4 percent. Economists had expected a modest gain of 0.2 percent.

Investors continue to watch the situation in Greece and its possible exit from the Eurozone. Elections are slated for January 25. A manhunt continues in Paris for 2 of the remaining suspects from yesterday's horrific terrorist attack on the office of the French satirical magazine Charlie Hebdo.

The benchmark S&P/TSX Composite Index is up 204.73 points or 1.43 percent at 14,489.73 .

On Wednesday, the index closed up 38.23 points or 0.27 percent, at 14,285.00. The index scaled an intraday high of 14,427.44 and a low of 14,265.71.

The Health Care Index is surging by 3.2 percent. Valeant Pharmaceuticals Group (VRX.TO) is climbing by 5.4 percent after the company increased its full year 2015 earnings and revenue guidance during a conference call.

Catamaran (CCT.TO) is also increasing by 4.09 percent.

The Energy Index is up 1.74 percent, as the price of oil continues to rebound. Suncor Energy (SU.TO) is up 1.84 percent and Canadian Natural Resources (CNQ.TO) is higher by 2.70 percent. Cenovus Energy (CVE.TO) is rising by 2.53 percent and Encana (ECA.TO) is higher by 1.77 percent.

Pacific Rubiales (PRE.TO) is surging by 4.67 percent and Canadian Oil Sands (COS.TO) is up 1.88 percent. Shares of Crescent Point Energy (CPG.TO) are also soaring by 6.48 percent.

Surge Energy (SGY.TO) is falling by 0.65 percent after the company reduced its dividend.

The Diversified Metals and Mining Index is up 1.59 percent. Inspiration Mining (ISM.TO) is surging by 14.29 percent. Goldcorp (G.TO) is up 0.67 percent and Barrick Gold (ABX.TO) is higher by 0.23 percent. Agnico Eagle Mines (AEM.TO) is climbing by 1.19 percent and Potash Corp. of Saskatchewan (POT.TO) is gaining 1.90 percent.

Centamin (CEE.TO) is down 3.48 percent. The company announced that its full year production to 377,261 ounces, a 6% increase on 2013. Centamin noted that its full year production was within the revised guidance of between 370,000 and 380,000 ounces.

The Financial Index is adding to its gains from the prior session, rising by 0.68 percent. Bank of Nova Scotia (BNS.TO) is climbing by 0.71 percent and Toronto-Dominion (TD.TO) is up 0.42 percent. Royal Bank of Canada (RY.TO) is increasing by 0.26 percent and National Bank of Canada is higher by 0.91 percent.

The Information Technology Index is increasing by 1.55 percent. Sierra Wireless (SW.TO) is advancing by 3.76 percent and Constellation Software (CSU.TO) is up 0.80 percent.

EXFO (EXF.TO) is soaring by 7.18 percent Wednesday. The company reported net earnings for the first quarter of US$1.5 million or US$0.02 per share, compared to a net loss of US$0.7 million or US$0.01 per share for the year-ago quarter. Analysts expected the company to earn $0.04 per share.

Carmanah Technologies (CMH.TO) is rising by 3.75 percent. The company reported that revenues for the fourth quarter increased 71 percent to about $13.2 million from $7.7 million in the year-ago period.

Jean Coutu Group (PJC-A.TO) is sinking by 4.82 percent. The company announced that its third-quarter net profit was C$56.0 million or C$0.30 per share, compared to C$62.5 million or C$0.30 per share in the prior-year quarter.

In commodities, crude oil futures for February delivery are up $0.14 or 0.29 percent at $48.79 a barrel.

Natural gas for February is up $0.004 or 0.14 percent at $2.875 per million btu.

Gold futures for February are up $2.90 or 0.24 percent at $1,213.60 an ounce.

Silver for March is down $0.014 or 0.08 percent at $16.53 an ounce.