Tuesday, July 28th25.3°C
25993
26827

A good day at the 'market'

The Toronto stock market was positive Friday amid much better than expected job creation data in Canada and the United States last month.

The S&P/TSX composite index gained 41.05 points to 12,192.18 while the TSX Venture Exchange added 0.7 of a point to 1,187.4.

Statistics Canada reported that the economy added 59,000 jobs last month, while the jobless rate dropped by 0.2 of a point to 7.2 per cent.

Economists had expected a smaller increase of about 10,000 jobs last month, following a minimal 1,800 gain in October.

The Canadian dollar rose 0.3 of a cent to 101.2 cents US following the release of the report.

The news was equally surprising in the U.S., where economists had expected a lacklustre report with job creation impacted by superstorm Sandy.

But the U.S. Labour Department said the economy cranked out 146,000 jobs in November while the jobless rate decreased 0.2 of a point to 7.7 per cent. On a less positive note, job gains for the previous two months were ratcheted down by 49,000.

U.S. indexes rose following the the employment news as the Dow Jones industrials ran ahead 50.84 points to 13,124.88, the Nasdaq advanced 4.18 points to 2,993.45 and the S&P 500 index edged 3.96 points higher to 1,417.9.

Traders also took in a strong earnings report from Bank of Nova Scotia (TSX:BNS). Net income jumped 31 per cent from a year ago to $1.5 billion, while the bank's adjusted earnings came in at $1.21 a share, three cents better than estimates. Its shares were off a penny to $55.55 as the bank narrowly missed revenue expectations.

The TSX closed lower Thursday despite strong earnings reports from three of the other big banks. TD Bank (TSX:TD) and CIBC (TSX:CM) lost ground as adjusted earnings beat expectations but those banks also missed on revenue forecasts while National Bank (TSX:NA) matched forecasts.

The gold sector led TSX advancers Friday while February bullion gained $4 to US$1,705.80 an ounce. Goldcorp Inc. (TSX:G) climbed 28 cents to C$36.76.

Other commodities also improved in the wake of the U.S. jobs data.

The energy sector gained 0.3 per cent as oil prices shook off early losses after demand concerns helped push oil down for the previous three sessions, with the January crude contract on the New York Mercantile Exchange up 10 cents to US$86.36 a barrel. Suncor Energy (TSX:SU) gained 15 cents to C$32.63.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX14077.36+75.99
S&P CDNX586.97+5.25
DJIA17630.27+189.68
Nasdaq5089.21+49.43
S&P 5002093.25+25.61
CDN Dollar0.7735-0.0003
Gold1097.10+0.60
Oil48.19-0.22
Lumber259.40+3.30
Natural Gas2.842+0.021

 
Okanagan Companies
Pacific Safety0.175-0.005
Knighthawk0.010.00
QHR Technologies Inc1.37+0.01
Cantex0.05+0.00
Anavex Life Sciences0.78-0.13
Metalex Ventures0.06-0.01
Russel Metals18.35-1.10
Copper Mountain Mining0.82+0.02
Colorado Resources0.06+0.00
ReliaBrand Inc0.0045-0.0022
Sunrise Resources Ltd0.03+0.00
Mission Ready Services0.15+0.00
Decisive Dividend Corp2.60-0.10

 



26744

FEATURED Property
2218840#115 - 3521 Carrington Road
2 bedrooms 2 baths
$199,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Chasing ducks

Photo: Thinkstock.comWhen businessmen tell me that being low priced is the only way to stay in business, I am skeptical. Price is the simplest way for a consumer to compare and is overused as the basi...


Taking care of business

Photo: Thinkstock.comRetirement as a goal has changed a lot over the years. There was a time, it was the only goal. You’d punch the clock and count the years until you could stop punching that t...


Income from home equity

Photo: Thinkstock.comWhen retirement funds run low, seniors often ask if tapping into the equity in their home is the right way to retain financial independence. To see if this option might be a good ...

_



26586




Member of BC Press Council