Canadian Stocks Taking Another Swing At Record Highs -- Canadian Commentary

(RTTNews) - Canadian stocks are modestly higher Friday mid morning, with investors nibbling at shares following an encouraging report on U.S. consumer sentiment.

Shares from technology, diversified materials and financial sectors are moving up. Energy stocks are weak, tracking lower crude oil prices. Gold stocks are advancing on slightly higher bullion prices.

The benchmark S&P/TSX Composite Index is up 18.69 points or 0.12 percent at 15,049.43, after advancing to 15,059.36.

On Thursday, the index closed up 56.09 points or 0.37 percent at 15,030.74. Earlier this week, the index very nearly breached its all-time intraday high of 15,154.77, recorded on June 6, 2008.

Shares of Descartes Systems Group (DSG.TO) are moving up 2.3 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 mobilise $128.25 million.

Among other stocks in the technology space, Constellation Software Inc. (CSU.TO) is up 2.3 percent and CGI Group Inc. (TO) is advancing 1.3 percent, while BlackBerry (BB.TO) and Avigilon Corporation (AVO.TO) are losing 1.2 percent and 0.6 percent, respectively.

Encana Corp. (ECA.TO) has reached 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 sale includes Encana's working interests in all pipelines, facilities and service arrangements. The stock is down 0.7 percent.

Among other top stocks in the energy sector, Husky Energy Inc. (HSE.TO) and ARC Resources Ltd. (ARX.TO) are down notably lower, while Crescent Point Energy Corp. (CPG.TO) and Canadian Oil Sands Limited (COS.TO) are up in positive territory, gaining 1.3 percent and 1.5 percent, respectively.

First Quantum Minerals Ltd. (FM.TO) is down marginally. The company has announced that it has temporarily halted construction activity at its Cobre Panama project due to an illegal work stoppage by some members of its construction workforce.

Among other stocks in the materials section, Turquoise Hill Resources Ltd. (TRQ.TO) is up over 3.5 percent, Teck Resources Limited (TCK.B.TO) is climbing 2.5 percent and Capstone Mining Corp. (CS.TO) is advancing 1.6 percent, while Nevsun Resources (NSU.TO) is modestly higher.

Gold stocks Silver Wheaton Corp. (SLW.TO), Franco-Nevada Corporation (FNV.TO), Agnico Eagle Mines (AEM.TO) and Yamana Gold Inc. (YRI.TO) are up 0.4 to 1 percent. Eldorado Gold Corporation (ELD.TO) is rising 5.5 percent and Centerra Gold Inc. (CG.TO) is moving up 3.5 percent.

Among big six banks, Royal Bank of Canada (RY.TO), Toronto-Dominion Bank (TD.TO), Bank of Montreal (BMO.TO) and Canadian Imperial Bank Of Commerce (CM.TO) are rising 0.4 to 0.8 percent. National Bank of Canada (NA.TO) is up marginally, while Bank of Nova Scotia (BNS.TO) is down 0.4 percent.

In the consumer staples section, Empire Company Limited (EMP.A.TO) is rising 3.5 percent, extending previous sessison's gains on strong results. Loblaw Companies Limited (L.TO) is advancing nearly 2.5 percent. Meanwhile, Saputo Inc. (SAP.TO), Metro Inc. (MRU.TO) and George Weston Limited (WN.TO) are gaining 0.5 to 0.8 percent.

In the healthcare space, Catamaran Corporation (CCT) is lower by 0.4 percent, while Valeant Pharmaceuticals International, Inc. (VRX.TO) and Extendicare Inc. (EXE.TO) are up 0.8 percent and 0.5 percent, respectively.

In commodities, crude oil futures for August are down $0.23 or 0.21 percent at $105.62 a barrel, with traders looking for news from Iraq.

Natural gas is down $0.055 or 1.25 percent at $4.386 per million btu.

Gold futures for August are up $2.90 or 0.22 percent at $1,319.90 an ounce.

Silver for September is down $0.010 or 0.004 percent at 21.152 an ounce. Meanwhile, copper is flat at $3.171 per pound.

The Canadian loonie is trading at 1.0693 against the U.S. dollar, down 0.03 percent from previous close.

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., Thomson Reuters and the University of Michigan released a report showing 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.