TSX Ends Higher On Global Cues -- Canadian Commentary

(RTTNews) - Canadian stocks ended higher for a fourth straight session Friday, amid some upbeat durable goods data from the U.S., despite lingering concerns over the situation in Ukraine and the Middle East. The uptick was led mostly by financial, gold, and material stocks, with energy stocks trending down on some sluggish oil prices.

The main index rose impressively through the week, achieving a number of record-high closes on some upbeat global economic data and strong corporate earnings.

In some upbeat economic news, U.S. manufactured durable goods orders rebounded more than expected in June, after reporting an unexpected drop in in the previous month.

The unrest in Ukraine continues with reports indicating that shells fired by Ukrainian forces hit Russian territory Friday. Ukraine has alleged that Russia is planning to deliver powerful rocket launchers to separatist forces in Ukraine.

Russia rejected the U.S. accusations that it had supplied missiles that brought down the Malaysian Airlines passenger jet last week, even as the conflict intensified in eastern Ukraine with increased tensions between Moscow and the West.

Meanwhile, fighting in Gaza continued unabated. U.S. Secretary of State John Kerry, who is currently in Cairo, continued with his efforts at bringing about a seven-day ceasefire, with Egypt also supporting the cause.

The S&P/TSX Composite Index closed Friday at 15,455.04, up 60.59 points or 0.39 percent. The index scaled a record intraday high of 15,503.40 and a low of 15,379.68.

On Thursday, the index ended a tad higher to close at a new high, after scaling a record intraday high.

U.S. crude oil ended sightly higher amid some better than expected orders for durable goods from the U.S., with continued focus on the developments in the Middle East and Ukraine.

The Energy Index shed 0.37 percent, with U.S. crude oil futures for September delivery edging up $0.02 to close at $102.09 a barrel Friday on the Nymex.

Among energy stocks, Encana Corp. (ECA.TO) shed 0.33 percent, Talisman Energy Inc. (TLM.TO) moved up 0.34 percent, Canadian Natural Resources Ltd. (CNQ.TO) dipped 0.81 percent, Suncor Energy Inc. (SU.TO) added 0.29 percent, and Cenovus Energy Inc. (CVE.TO) dropped 1.20 percent.

The Financial Index gained 0.59 percent with Toronto-Dominion Bank up 1.02 percent, National Bank of Canada (NA.TO) up 0.35 percent, Bank of Nova Scotia (BNS.TO) up 0.31 percent, and Royal Bank of Canada (RY.TO) adding 0.73 percent.

The Capped Healthcare Index added 0.20 percent with Valeant Pharmaceuticals International, Inc. (VRX.TO) up 0.04 percent, Catamaran Corp. (CCT.TO) up 0.83 percent, and Extendicare (EXE.TO) slipped 0.27 percent.

Global Gold Index jumped 3.36 percent, with gold futures for August delivery gaining $12.50 or 1.0 percent to close at $1,303.30 an ounce Friday on the Nymex.

Among gold stocks, Goldcorp Inc. (G.TO) gained 4.24 percent, Yamana Gold Inc. (YRI.TO) added 3.21 percent, Barrick Gold Corp. (ABX.TO) advanced 2.75 percent, Eldorado Gold Corp. (ELD.TO) soared 5.12 percent, Kinross Gold Corp. (K.TO) added 3.01 percent, and B2Gold Corp. (BTO.TO) jumped 5.99 percent.

The Capped Materials Index jumped 2.09 percent on gold mining stocks, with Potash Corp. of Saskatchewan Inc. (POT.TO) moving up 1.28 percent.

The Diversified Metals & Mining Index shed 0.27 percent, with Lundin Mining Corp. (LUN.TO) edging up 0.16 percent, Teck Resources Limited (TCK.B.TO) down 2.27 percent, and First Quantum Minerals Ltd. (FM.TO) up 0.61 percent.

The Capped Industrials Index added 0.48 percent, with Canadian Pacific Railway Ltd.(CP. TO) edging up 0.05 percent and Bombardier Inc. (BBD.B.TO) down 1.35 percent.

SNC-Lavalin Group Inc. (SNC.TO) added 2.18 percent after signing a memorandum of understanding with China National Nuclear Corp. to develop project opportunities in China and other global locations.

The Capped Telecommunications Index lost 0.95 percent, with Rogers Communications Inc. (RCI.B.TO) diving 0.98 percent, Telus Corp. (T.TO) shedding 1.50 percent, BCE Inc. (BCE.TO) dropping 0.58 percent, and Bell Aliant Inc. (BA.TO) surrendering 1.40 percent.

The Information Technology Index added 0.20 percent, with BlackBerry Limited (BB.TO) down 0.27 percent and CGI Group Inc. (GIB.A.TO) up 0.97 percent.

Celestica Inc. (CLS.TO) gained 1.71 percent after reporting a second quarter profit of 22 cents a share, compared to 15 cents in the year ago quarter.

Among consumer staples stocks, Loblaw Companies Limited (L.TO) added 1.79 percent.

Meanwhile, EnerCare Inc. (ECI.TO) dropped 1.51 percent after agreeing to buy Direct Energy's Ontario home services business for C$550 million. Direct Energy is a North American unit of British electricity supplier Centrica plc (CNA.L).

Progressive Waste Solutions Ltd. (BIN.TO) dropped 0.52 percent, after reporting consolidated revenues of $513.5 million for the second quarter, a decline of 0.6 percent from the comparative period.

Canfor Corporation (CFP.TO) slipped 0.88 percent after reporting a second quarter profit of $54.3 million or $0.39 per share, compared to $45.5 million or $0.33 per share for the first quarter of 2014 and $110.3 million or $0.77 per share for the second quarter of 2013.

MDC Partners Inc. (MDZ.A.TO) jumped 4.91 percent after reporting second quarter net income of $16.5 million, up 67.8 percent from net income of $9.8 million in the previous corresponding quarter.

In economic news from the U.S., orders for durable goods were up 0.7 percent in June, the Commerce Department said. Economists expected durable goods order growth of 0.5 percent month-over-month. Excluding transportation, orders rose 0.8 percent in June, beating expectations for a 0.7 percent increase.

British economic growth remained high as expected in the second quarter with robust expansion in the dominant service sector, and industry completely offset slight weakness in the construction sector. With the second quarter expansion, GDP returned to its pre-crisis level.

Britain's gross domestic product grew 0.8 percent sequentially in the second quarter, the same rate as seen in the first three months of the year, preliminary data published by the Office for National Statistics showed Friday. This was in line with economists' expectations.

German business confidence eased for the third successive month to its lowest level since October, amid rising concerns over the impact of the conflicts in Ukraine and the Middle East on the largest eurozone economy.

The Business Climate Index for industry and trade dropped to 108.0 points in July from 109.7 in June, a survey by the Munich-based Ifo Institute showed Friday. The fall was worse than the expected decline of 109.4, and the lowest since October last year that read 107.5.