The Toronto Stock Exchange's main index gave back early gains on Friday but managed to end slightly higher due to firm jobs data on both sides of the border that offset weakness in energy and materials issues.
The S&P/TSX composite index closed up 6.40 points, or 0.05 percent, at 13,057.37. The benchmark index was up 1.5 percent on the week. Statistics Canada said on Friday the economy created a higher-than-expected 14,200 jobs in February, while the unemployment rate fell to 6.1 percent from 6.2 percent in January.
As well, just slightly weaker-than-expected US jobs data for February helped to quell concerns over a possible slowdown in the world's biggest economy. "Because the jobs reports were good on both sides of the border, we're seeing companies that benefit from stronger domestic growth and consumer spending move higher," said Kate Warne, market strategist at Edward Jones in St. Louis, Missouri.
Overall, six of the TSX index's 10 main groups advanced, with the financial services sector, which makes up more than a third of the index's weight, up 0.7 percent.
Among financial-services gainers, Royal Bank of Canada was up 48 Canadian cents, or 0.8 percent, at C$57.38, while Bank of Nova Scotia climbed 50 Canadian cents, or 1 percent, to C$52.75. Shares of energy companies, down 0.5 percent, slumped along with crude oil prices, which dropped 2 percent to $60.05 a barrel as easing US supply concerns prompted some profit-taking.
Petro-Canada fell 67 Canadian cents, or 1.6 percent, to C$42, while Talisman Energy Inc slid 25 Canadian cents, or 1.3 percent, to C$19.65. The materials sector gave back some of the gains it had made earlier this week, falling 0.4 percent. Goldcorp Inc dropped 30 Canadian cents, or 1 percent, to C$29.05, while LionOre Mining International dropped 39 Canadian cents, or 2.4 percent, to C$15.91
Elsewhere, shares of Magna International rose 45 Canadian cents, or 0.5 percent, to C$86.11 after the Globe and Mail newspaper reported on Friday that Chairman Frank Stronach said it was too early to say whether the auto-parts maker would bid for all of DaimlerChrysler AG's Chrysler unit but confirmed the two companies plan to meet.
Gabriel Resources Ltd climbed 21 Canadian cents, or 4.8 percent, to C$4.61 after it said it expects to raise about C$109 million through a public offering of 25 million common shares at a price of C$4.35 a share. Patheon Inc fell 3 Canadian cents to C$4.78 even though it reported a narrower first-quarter loss, helped by strong revenue growth in prescription manufacturing and pharmaceutical development services and efficiency gains at several Canadian sites.
Stock markets around the globe fell hard last week, hit by a 9 percent drop in Chinese shares that was aggravated by a rapid rise in the yen against the US dollar, dampening investors' appetite for risky investments. On February 27, the TSX index fell 2.7 percent. Market volume on Friday was a thin 299 million shares worth C$5.3 billion. Decliners outpaced advancers 807 to 751. The blue chip S&P/TSX 60 index closed 1.26 points higher, or 0.2 percent, at 746.65.
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