TSX Ends Higher On Global Cues -- Canadian Commentary

(RTTNews) - Canadian stocks ended slightly higher for a fourth straight session on Monday, tracking largely rising global equity stocks, even as investors remained focused over the developments in Greece with the anti-austerity party Syriza clinching a decisive majority in the general elections Sunday.

The main index was under pressure, led by financial and telecommunications stock, with mining stocks sluggish on declining gold prices and the energy sector ticking higher despite tumbling crude oil prices near $45 per barrel.

Concerns over the situation in Greece limited the uptick, as the Syriza party secured a majority in the general elections held on Sunday. Alexis Tsipras, the leader of the leftist Syriza party, announced that he has formed a coalition government with the right wing Independent Greeks party.

Now that the anti-austerity party has taken control of the country, investors are concerned over the potential outcome of debt re-negotiations. A Greek exit of the eurozone remains a very real possibility.

Markets largely speculated on the outcome from the Federal Reserve policy meet set to begin Tuesday and an announcement on Wednesday. The Fed is widely expected to leave interest rates unchanged, although traders are likely to pay close attention to any changes to the accompanying statement.

The benchmark S&P/TSX Composite Index closed Friday at 14,797.83, up 18.48 points or 0.13 percent. The index scaled an intraday high of 14,803.73 and a low of 14,702.89.

On Friday, the index closed up 15.37 points or 0.10 percent, at 14,779.35. The index scaled an intraday high of 14,853.30 and a low of 14,741.63.

Crude oil ended lower amid speculation that OPEC is determined to keep prices low in a bid to stifle competition even as geopolitical tensions weighed.

The Energy Index gained 0.33 percent, with U.S. crude oil futures for March delivery, shedding $0.44 or 1.0 percent, to settle at $45.15 a barrel on the New York Mercantile Exchange Monday.

Among energy stocks, Pacific Rubiales Energy Corp. (PRE.TO) fell 1.86 percent, Talisman Energy Inc. (TLM.TO) edged down 0.11 percent, Canadian Natural Resources Limited (CNQ.TO) fell 0.22 percent, Suncor Energy Inc. (SU.TO) shed 0.35 percent, and Canadian Oil Sands Limited (COS.TO) advanced 2.14 percent.

Encana Corp. (ECA.TO) fell 0.42 percent, Crescent Point Energy (CPG.TO) added 1.54 percent and Cenovus Energy Inc. (CVE.TO) gained 0.90 percent.

The Diversified Metals & Mining Index added 0.79 percent, as First Quantum Minerals Ltd. (FM.TO) surrendered 3.55 percent and Lundin Mining Corp. (LUN.TO) moved up 2.16 percent.

Teck Resources Limited (TCK.B.TO) added 2.45 percent, Finning International Inc. (FTT.TO) gained 1.52 percent, and HudBay Minerals (HBM.TO) added 2.19 percent.

Gold futures ended lower ahead of the Federal Reserve's policy meet details with waning safe haven appeal of the precious metal as investors keeping a close watch on the developments in Greece.

The Global Gold Index added 1.78 percent, with gold for February delivery dropping $13.20 or 1.0 percent, to settle at $1,279.40 on the New York Mercantile Exchange Monday.

Among other gold stocks, Yamana Gold Inc. (YRI.TO) gained 3.14 percent, Kinross Gold Corp. (K.TO) added 1.44 percent, and Barrick Gold Corp .(ABX.TO) gathered 2.53 percent.

Goldcorp (G.TO) inched up 0.13 percent, IAMGOLD (IMG.TO) shed 0.86 percent, Eldorado Gold Corp. (ELD.TO) added 0.71 percent, and Franco-Nevada Corp. (FNV.TO) moved up 2.65 percent.

The Capped Materials Index gained 0.95 percent, mostly on rising gold stocks, with Potash Corp. of Saskatchewan Inc. (POT.TO) adding 0.31 percent and Agrium Inc. (AGU.TO) up 0.29 percent.

The heavyweight Financial Index dropped 0.30 percent, as National Bank of Canada (NA.TO) fell 0.26 percent, Royal Bank of Canada (RY.TO) shed 0.15 percent, Toronto-Dominion Bank (TD.TO) gained 0.6 percent, and Bank of Nova Scotia (BNS.TO) lost 0.52 percent.

Bank of Montreal (BMO.TO) slipped 0.38 percent, while the Canadian Imperial Bank of Commerce (CM.TO) surrendered 0.47 percent.

The Capped Industrials Index added 0.95 percent, as Bombardier Inc. (BBD.B.TO) dipped 0.36 percent, Air Canada (AC.TO) dropped 0.08 percent, and Canadian Pacific Railway (CP.TO) gained 1.53 percent.

The Information Technology Index inched up 0.10 percent, as BlackBerry Limited (BB.TO) dropped 1.58 percent, Sierra Wireless (SW.TO) gained 0.59 percent and Constellation Software (CSU.TO) added 0.72 percent.

The Healthcare Index moved up 0.08 percent, as Valeant Pharmaceuticals International, Inc. (VRX.TO) added 0.49 percent and Catamaran Corp. (CCT.TO) inched up 0.12 percent.

The Capped Telecommunication Index dropped 1.87 percent, as Manitoba Telecom Services Inc. (MBT.TO) slipped 0.65 percent, Rogers Communications Inc. (RCI.B.TO) plunged 4.23 percent, and TELUS Corp. (T.TO) surrendered 1.43 percent.

ProMetic Life Sciences (PLI.TO ) gained 5.03 percent after announcing that its orally active lead drug candidate, PBI-4050, has been approved to commence clinical trial in patients suffering from metabolic syndrome and resulting Type 2 diabetes.

Intertape Polymer Group (ITP.TO) plunged 15.15 percent, after the company said it now expects to report fourth quarter adjusted EBITDA of about $20.5 million. Prior expectations had been for $24 million to $26 million.

On the economic front, German business confidence improved for a third straight month in January to a six-month high as expectations of firms and current assessment brightened during the month, results of the IfO business climate survey showed Monday. The business confidence index rose to 106.7 in January from 105.5 in December, exceeding the 106.4 reading expected by economists. It was the highest score since July 2014.

Investors will be focused on a number of important U.S. economic reports this week, including durable goods orders for December, consumer confidence for January, both due Tuesday, and consumer sentiment for January.

The advance reading on fourth quarter GDP is slated for release on Friday. Economists expect the economy to expand at an annual rate of about 3 percent, down from the robust 5 percent growth in the third quarter.