Toronto stocks ended higher on Friday, closing out four straight winning weeks, as a rebound in technology shares helped steer focus away from disappointing job reports in both Canada and the United States. The Toronto Stock Exchange S&P/TSX composite index rose 54.57 points, or 0.59 percent, to 9,358.28. For the week, the index rose 2.4 percent. The information technology group rose 1.6 percent to lead all sectors, while health-care issues followed with a 1.5 percent gain. Nine of the 10 main subindexes closed higher.
After two straight declines, the technology sector answered back with a sharp rise as investors took advantage of lower valuations and rallied around a brokerage upgrade to the semiconductor sector.
Research In Motion gained C$4.11, or 4.5 percent, to C$96.51, while Nortel Networks Corp rose 4 Canadian cents, or 1 percent, to C$3.96.
A new batch of financial statements also influenced markets as investors are not forgiving companies who miss estimates or provide lackluster guidance for 2005.
Shares of Noranda Inc dropped 10 Canadian cents, or 0.45 percent, to C$21.99 after the copper and zinc miner missed estimates, though it nearly tripled its quarterly profit.
Dofasco Inc shares got the same treatment as it posted a sharply higher profit, but missed estimates and offered tepid guidance for 2005. The stock closed down C$1.95, or 4.4 percent, at C$42.05.
Overall market sentiment was a bit soft ahead of the open as investors pored through softer than expected jobs data from both sides of the border.
Statistics Canada said the economy lost 5,700 jobs in January, compared with expectations for a gain of 15,000. Meanwhile, the US economy generated 146,000 new jobs in January, below market expectations for 190,000.