Canadian Stocks Are Struggling To Find Direction -- Canadian Commentary

(RTTNews) - The Canadian stock market has been fluctuating between small gains and losses since the open of Friday's session. Trading volume has been light throughout the holiday shortened week and remains so ahead of another long holiday weekend for the New Year.

Gold and healthcare stocks are among the best performers Friday morning, but most of the remaining Canadian sectors are trading modestly to the downside.

Markets in Europe are turning in a mixed performance at the end of the trading week, but are little changed overall. Some European markets have already closed up early ahead of the New Year's Day holiday.

Markets in the United States are losing ground in early trade Friday. Trading activity remains subdued ahead of the long holiday weekend. The Chicago business barometer also came in weaker than anticipated this morning.

The benchmark S&P/TSX Composite Index is down 28.39 points or 0.18 percent at 15,393.73.

On Thursday, the index closed up 61.02 points or 0.40 percent, at 15,422.12. The index scaled an intraday high of 15,430.39 and a low of 15,364.23.

The Capped Healthcare Index is higher by 2.66 percent. Extendicare (EXE.TO) is gaining 0.41 percent and Valeant Pharmaceuticals International (VRX.TO) is climbing 2.51 percent. Concordia International (CXR.TO) is also adding 0.35 percent.

The Gold Index is advancing 0.29 percent. Gold prices are slightly higher Friday morning, adding to strong gains from earlier in the week.

Goldcorp (G.TO) is climbing 0.37 percent and Barrick Gold (ABX.TO) is gaining 0.86 percent. IAMGOLD (IMG.TO) is higher by 2.22 percent and Yamana Gold (YRI.TO) is adding 2 percent. Kinross Gold (K.TO) is also advancing 0.45 percent.

The Capped Materials Index is also up 0.04 percent. Agnico Eagle Mines (AEM.TO) is rising 0.38 percent.

The Capped Industrials Index is down 0.44 percent. Canadian National Railway (CNR.TO) is decreasing 0.77 percent and Canadian Pacific Railway (CP.TO) is losing 0.26 percent. Bombardier (BBD-B.TO) is declining 0.46 percent and Air Canada (AC.TO) is lower by 0.29 percent.

The Capped Information Technology Index is falling 0.37 percent. Descartes Systems Group (DSG.TO) is lower by 0.52 percent and BlackBerry (BB.TO) is decreasing 0.64 percent. Sierra Wireless (SW.TO) is weakening by 1.29 percent and Constellation Software (CSU.TO) is forfeiting 0.54 percent.

The Capped Telecommunication Services Index is losing 0.34 percent. BCE (BCE.TO) is declining 0.45 percent and TELUS (T.TO) is decreasing 0.43 percent. Rogers Communications (RCI-B.TO) is weakening by 0.86 percent.

The heavyweight Financial Index is decreasing 0.11 percent. Royal Bank of Canada (RY.TO) is lower by 0.01 percent and Toronto-Dominion Bank (TD.TO) is losing 0.34 percent. Bank of Nova Scotia (BNS.TO) is falling 0.31 percent and National Bank of Canada (NA.TO) is slipping 0.20 percent. Bank of Montreal (BMO.TO) is dipping 0.04 percent and Canadian Imperial Bank of Commerce (CM.TO) is forfeiting 0.31 percent.

The Energy Index is down 0.02 percent. Crude oil are slightly lower Friday morning ahead of the latest U.S. oil rig count.

Crescent Point Energy (CPG.TO) is decreasing 0.60 percent and Cenovus Energy (CVE.TO) is falling 0.49 percent. Encana (ECA.TO) is weakening by 1.19 percent and Enbridge (ENB.TO) is losing 0.89 percent.

SNC - Lavalin Group (SNC.TO) has sold its Ongoing Activities In France To Ciclad And Impact Holding. The stock is declining 0.60 percent.

AlarmForce (AF.TO) intends to restate its financial statements for year ended October 31, 2015 and first and second quarters of 2016. Shares are currently unchanged.

On the economic front, a measure signaling macroeconomic trends in the euro area rose for a seventh consecutive month to end the year at its highest level since 2011, survey data from the Bank of Italy and the Centre for Economic Policy Research showed Friday.

The Bank of Italy/CEPR Eurocoin indicator rose to 0.59 from 0.45 in November, the highest level recorded since spring of 2011, the Bank of Italy said in a statement.

Britons' housing equity injections decreased in the third quarter, the Bank of England reported Friday. Housing equity injections declined to GBP 10.92 billion from GBP 13.06 billion in the second quarter.

Growth in Chicago-area business activity slowed by much more than anticipated in the month of December, according to a report released by MNI Indicators on Friday. MNI Indicators said its Chicago Business Barometer slid to 54.6 in December after jumping to a nearly two-year high of 57.6 in November.

While a reading above 50 indicates continued growth in Chicago-area business activity, economists had expected the index to show a much more modest drop to 57.0.

In commodities, crude oil futures for January delivery are down 0.09 or 0.17 percent at $53.68 a barrel.

Natural gas for January is down 0.031 or 0.82 percent at $3.771 per million btu.

Gold futures for February are up $2.00 or 0.17 percent at $1,160.10 an ounce.

Silver for March is up $0.017 or 0.10 percent at $16.235 an ounce.