Canadian Stocks Flat Despite Energy Rally -- Canadian Commentary

(RTTNews) - Canadian stocks turned in a lackluster performance Thursday, as tumbling gold stocks offset modest strength in the energy sector.

The S&P/TSX Composite Index was down 10 points at 14,600.17, at last check.

Crude oil futures jumped to their highest since June, rising back above $50 a barrel as Hurricane Matthew threatened to interrupt supplies from the southeast.

Other factors driving oil prices higher include OPEC's recent deal to curb production and falling U.S. oil inventories.

Nov. WTI oil gained 61 cents, or 1.2%, to settle at $50.44/bbl.

However, gold futures marked the lowest settlement since early June, as the precious metal continue to lose its safe haven value.

Analysts say that establishment candidate Hillary Clinton has re-emerged as the clear favorite to win the U.S. presidential election, soothing investors fears.

Dec. gold was down $15.60, or 1.2%, to settle at $1,253/oz.

In corporate news, AuEx Ventures's (XAU.TO) Goldmoney has released a new app for smartphones.

GLG Life Tech Corp J(GLG.TO) announced the FDA's Issuance Of Letter Of No Objection For GLG's EMS95 Products.

Nevada Zinc (NZN.V) reported positive developments in the area of its Livingstone gold project.

Air Canada (AC.A.TO) has stranded travellers in Rio for 2 days, according to CBC News. Air Canada also completed C$1.25 Bln Refinancing.

In economic news, Canadian building permits jumped 10.4 percent in August.