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Canada’s commodity-heavy stock index was set for its best day in over a month on Friday as heavyweight energy and materials’ stocks gained, while data showed the country shed jobs for a third straight month in August.

At 10:18 a.m. ET, the Toronto Stock Exchange’s S&P/TSX composite index was up 299.89 points, or 1.54%, at 19,712.89, setting it on track for its first weekly gain in four weeks.

The energy sector climbed 2.4%, and was on course for its best day in over two weeks, as oil prices rose on real and threatened cuts to supply.

The materials sector, which includes precious and base metals miners and fertilizer companies, added 1.7% tracking gold prices that climbed more than 1% to an over one-week high, boosted by a weaker dollar.

Government data showed Canada shed jobs for a third straight month in August and the jobless rate unexpectedly jumped to 5.4% as the central bank raises interest rates to tame inflation.

Canada’s jobless rate unexpectedly jumps as economy sheds more jobs

“In the short term, you may not see another acceleration in rate hikes, but they probably aren’t going slow down or stop either,” Colin Cieszynski, chief market strategist at SIA Wealth Management said.

“However, if employment keeps dropping the pace of increases might slow.”

The Bank of Canada this week hiked its policy rate to 3.25%, a 14-year high, and warned more tightening would be required. It has so far delivered 300-bps worth of hikes in six months, including four outsized increases, outpacing its advanced economy peers.

Dollarama Inc gained 2.2% as it raised its full-year same-store sales forecast after topping quarterly revenue estimates, helped by strong demand for its groceries and household essentials.

Pentwater Capital Management LP, the second-largest shareholder of Turquoise Hill Resources Ltd, said it does not support Rio Tinto’s acquisition of the Canadian miner, and was weighing legal options to thwart the deal.

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