Plus   Neg

Canadian Shares Recover After Weak Start

The Canadian stock market recovered after a weak start on Friday, with a few prominent shares from energy and industrial sections moving higher amid stock specific activity.

The early weakness was due to concerns over an escalation in U.S.-Canada trade dispute after the two countries blamed each other for the setbacks in the trade talks.

News about the Trump administration officially delaying imposition of tariffs on imported automobiles and parts for up to six months helped sentiment and pulled the market out of lower levels.

Data showing an improvement in U.S. consumer sentiment in May too aided sentiment.

The benchmark S&P/TSX Composite Index rose to 16,456.09 after declining to a low of 16,376.81 in early trades. The index is currently down 5.84 points, or 0.04%, at 16,438.02.

On Thursday, the benchmark S&P/TSX Composite Index ended up 125.72 points, or 0.77%, at 16,443.86, extending gains to a third session.

CAE Inc. (CAE.TO) shares are soaring more than 8% on strong fourth quarter results. The company announced this morning that its fourth quarter net income attributable to equity holders was $122.3 million ($0.46 per share) compared to $82.3 million ($0.31 per share) last year.

Aurora Cannabis Inc. (ACB.TO), Enbridge Inc. (ENB.TO), TC Energy Corporation (TRP.TO) and Green Organic Dutchman Holdings (TGOD.TO) are up 1 to 1.6%.

Encana Corporation (ECA.TO), Crescent Point Energy (CPG.TO) and Aphria Inc. (APHA.TO) are up with modest gains.

Hexo Corp. (HEXO.TO), Canadian Natural Resources (CNQ.TO), Kinross Gold Corporation (K.TO), MEG Energy Corp. (MEG.TO) and Village Farms International (VFF.TO) are lower by 1 to 2%.

In commodities, crude oil futures for June are up $0.50, or 0.8%, at $63.37 an ounce.

Gold futures for June are down $10.00, or 0.78%, at $1,276.20 an ounce.

Silver futures for July are down $0.129, or 0.89%, at $14.410, while Copper futures for July are declining $0.0085, or 0.31%, at $2.7395 per pound.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT