Canadian Market Up Marginally In Cautious Trade

(RTTNews) - The Canadian market is swinging between gains and losses on Thursday with investors reacting to the trend in commodity markets, corporate news, and private sector employment data.

Profit taking after successive days of gains contribute as well to the sluggish movements in the market.

The benchmark S&P/TSX Composite Index, which advanced to a new high at 21,230.91 around mid morning, is up 21.22 points or 0.1% at 21,209.41.

The Capped Energy Index is down 1.21%. Birchcliff Energy (BIR.TO) is down 4.4%. Arc Resources (ARX.TO), Tourmaline Oil Corp (TOU.TO), Enerplus Corp (ERF.TO), Whitecap Resources (WCP.TO), Vermilion Energy (VET.TO) and Crescent Point Energy (CPG.TO) are down 2 to 2.7%.

Precision Drilling Corporation (PD.TO) shares are plunging more than 10% after the company reported net loss of C$38.03 million or C$2.86 per share in the third quarter, wider than net loss of C$28.48 million or C$2.08 per share in the year-ago quarter particularly due to higher operating expenses. However, revenue for the quarter increased 54% year-over-year to C$253.81 million from C$164.82 million, helped by higher drilling and service rig activity.

The Capped Materials Index is declining 1.05%. First Quantum Minerals (FM.TO) is decling nearly 6%. Interfor Corp (IFP.TO), West Fraser Timber (WFG.TO), Capston Mining Corp (CS.TO), Lundin Mining (LUN.TO), Canfor Corp (CFP.TO), Methanex Corp (MX.TO), Hudbay Minerals (HBM.TO) and K92 Mining Inc. (KNT.TO) are down 2.8 to 4%.

Rogers Communications Inc (RCI.A.TO) is down nearly 2%. The company reported ajusted net income of $536 million for the third quarter of this financial year, compared to income of $548 million a year ago.

According to the Canada National Employment Report released by ADP now, non-farm payroll employment in Canada increased by 9,600 jobs from August to September. Canada had added 39,400 jobs in August.

Data from Statistics Canada said Canada's new housing price index for September rose 4% month-over-month in September after rising 0.7% in the previous month.

Y-o-Y, the housing price index climbed 11.3%, the data showed.