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Canadian Stocks Are Rising After Greek Deal Reached -- Canadian Commentary

The Canadian stock market is climbing in early trade Monday, adding to the gains of the previous session. Global markets are rising after Greece and its creditors reached a conditional agreement on a new bailout for the debt-laden country. Gold and energy stocks are among the few laggards in the Canadian market, due to some weakness in commodity prices.

Markets across Europe are rising after a "compromise" was reached on a Greek bailout deal at early-morning talks Monday. Euro zone ministers have given Greece until Wednesday to pass new laws, including tax and pension reforms, to help avoid losing access to the common currency bloc.

Markets in the United States are also positive this morning. News of the Greek compromise is welcome by investors. However, traders may also be reluctant to make any significant moves ahead of the release of some key economic data in the coming days, including reports on retail sales, inflation, and housing starts.

Federal Reserve Chair Janet Yellen's will also give her semi-annual congressional testimony this week. Yellen will appear before the House Financial Services Committee on Wednesday and before the Senate Banking Committee on Thursday.

The benchmark S&P/TSX Composite Index is up 139.69 points or 0.97 percent at 14,550.76.

On Thursday, the index closed up 132.58 points or 0.93 percent, at 14,411.07. The index scaled an intraday high of 14,419.52 and a low of 14,338.06.

The Capped Health Care Index is surging by 2.06 percent. Concordia Healthcare (CXR.TO) is rising by 3.14 percent and Valeant Pharmaceuticals International (VRX.TO) is gaining 2.35 percent. Extendicare (EXE.TO) is climbing by 1.90 percent and Catamaran (CCT.TO) is adding 0.84 percent.

The Capped Information Technology Index is gaining 1.44 percent. Sierra Wireless (SW.TO) is climbing by 3.78 percent and Constellation Software (CSU.TO) is rising by 0.44 percent. Descartes Systems Group (DSG.TO) is up 1.19 percent and Avigilon (AVO.TO) is higher by 1.32 percent.

BlackBerry (BB.TO) is advancing by 1.54 percent, after it named Carl Wiese as President of Global Sales.

The Capped Industrials Index is up 1.13 percent. Canadian National Railway (CNR.TO) is up 1.29 percent and Canadian Pacific Railway (CP.TO) is higher by 1.39 percent. Air Canada (AC.TO) is gaining 2.48 percent and Bombardier (BBD-A.TO) is climbing by 0.98 percent. Finning International (FTT.TO) is adding 1.58 percent and CAE (CAE.TO) is advancing by 1.10 percent.

The Capped Telecommunication Services Index is rising by 0.90 percent. BCE (BCE.TO) is advancing by 1.29 percent and Manitoba Telecom Services is higher by 0.29 percent. TELUS (T.TO) is adding 1.09 percent.

Rogers Communication (RCI-A.TO) is unchanged, despite a report from Globe and Mail that the company has put The Shopping Channel up for sale.

The heavyweight Financial Index is climbing by 0.91 percent. National Bank of Canada (NA.TO) is climbing by 0.93 percent and Bank of Nova Scotia (BNS.TO) is advancing by 1.29 percent. Toronto-Dominion Bank (TD.TO) is rising by 0.92 percent and Bank of Montreal (BMO.TO) is increasing by 0.93 percent. Canadian Imperial Bank of Commerce (CM) is up 0.54 percent and Royal Bank of Canada (RY.TO) is higher by 0.91 percent.

The Diversified Metal and Mining Index is advancing by 0.98 percent. First Quantum Minerals (FM.TO) is increasing by 1.09 percent and Lundin Mining (LUN.TO) is rising by 0.79 percent. HudBay Minerals (HBM.TO) is climbing by 0.84 percent.

Capstone Mining (CS.TO) is gaining 0.87 percent. The company announced that it produced 21,100 tonnes of copper in the second quarter.

The Capped Materials Index is also up 0.18 percent. Silver Wheaton (SLW.TO) is increasing by 0.57 percent and Agrium (AGU.TO) is advancing by 2.31 percent. Potash Corp. of Saskatchewan (POT.TO) is adding 0.88 percent.

The Gold Index is falling by 0.81 percent. Gold prices hovered near multi-month lows Monday, after Greece reached a deal to land a third bailout.

Goldcorp (G.TO) is down 0.96 percent and Barrick Gold (ABX.TO) is falling by 1.33 percent. Kinross Gold (K.TO) is losing 1.50 percent and Eldorado Gold (ELD.TO) is surrendering 2.66 percent. IAMGOLD (IMG.TO) is lower by 3.06 percent and B2Gold (BTO.TO) is decreasing by 2.08 percent.

The Energy Index is decreasing by 0.06 percent. Crude oil prices fell Monday morning, even as Greece reached a last-minute deal with creditors.

Encana (ECA.TO) is falling by 1.14 percent and Legacy Oil + Gas (LEG.TO) is losing 1.64 percent. Crescent Point Energy (CPG.TO) is down 3.05 percent and Cenovous Energy (CVE.TO) is declining by 0.16 percent.

Tethys Petroleum (TPL.TO) is surging by 22.58 percent, after the company confirmed a possible offer from Nostrum Oil & Gas.

Paladin Energy (PDN.TO) is up 7.32 percent. The company has rejected recent media allegations regarding the company's operating activities in Australia, Namibia and Malawi.

On the economic front, Chinese exports increased at a faster-than-expected pace in June, while imports fell less-than-expected, official data showed Monday.

Exports rose 2.8 percent year-over-year in June, exceeding economists' expectations for 1.0 percent growth.

Meanwhile, imports slid 6.1 percent in June from the previous year, much slower than the 15.5 percent sharp decline expected by economists.

The trade surplus of the country came in at $46.54 billion in June, smaller than the $56.7 billion surplus expected by economists. In May, the surplus was at $59.49 billion.

In commodities, crude oil futures for August delivery are down $0.84 or 1.59 percent at $51.90 a barrel.

Natural gas for August is up 0.08 or 2.89 percent at $2.85 per million btu.

Gold futures for August are down $5.70 or 0.49 percent at $1,152.20 an ounce.

Silver for September is down $0.156 or 1.01 percent at $15.325 an ounce.

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