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TSX Expands on Gains Following Jobs Report

Baystreet.ca
Canada's main stock index was marginally higher on Friday as a drop in full-time jobs and slower wage ...

Canada's main stock index was marginally higher on Friday as a drop in full-time jobs and slower wage growth in February offset gains in oil and base metal prices.

The S&P/TSX Composite Index retained gains of 44.22 points by noon to register at 15,582.92

The Canadian dollar eked forward 0.45 cents to 77.99 cents U.S.

Detour Gold was the biggest gainer on the TSX, rising 5.9%, after reporting revenues and earnings that beat expectations.

The 10 best performers on the index were dominated by energy and mining companies, including Baytex Energy, NuVista Energy and Ivanhoe Mines, which were lifted by strong earnings and higher oil and metal prices.

Copper futures advanced nearly 1% to $6,901.50 U.S. a tonne

Gold companies did not fare so well, with Tahoe Resources, Yamana Gold Inc and Klondex Mines among the 10 biggest decliners.
The biggest decliner on the index was Enghouse Systems, which dropped 5% after reporting first-quarter profit that missed expectations after the bell on Thursday.

Bombardier and Baytex were the most actively traded stocks on the index.

Canada on Thursday hailed the news it would not immediately be subject to U.S. tariffs on steel and aluminum while promising to continue lobbying Washington until the threat of duties had disappeared.

Statistics Canada reported that the Canadian economy created only 15,000 jobs during February, but enough to lower the unemployment rate by 0.1% to 5.8%. Canadian employment growth was expected to have gained 20,000 jobs in February after losing 88,000 jobs in the month before.

ON BAYSTREET

The TSX Venture Exchange was down 1.12 points to greet noon at 828.35

The 12 TSX subgroups were evenly divided, with energy leading those groups gaining, up 0.9%, while materials were better 0.6%, and financials improved 0.4%.

The half-dozen laggards were weighed most by telecoms, down 0.4%, while health-care and gold stocks each faded 0.2%.

ON WALLSTREET

U.S. stocks traded higher on Friday after the release of stronger-than-expected employment data.

The Dow Jones Industrials ballooned 338.9 points, or 1.4%, to 25,234.01, with Boeing and Goldman Sachs as the biggest contributors of gains to the index. Goldman traded 1.6% higher after a report said CEO Lloyd Blankfein is preparing to leave the company by year-end.

The S&P 500 gained 35.64 points, or 1.3%, to 2,774.61, with financials as the best-performing sector. Friday also marked the ninth anniversary of the bull market. On March 9, 2009, the S&P 500 closed at 676.53. Since then, the S&P 500 is up around 300%.

The NASDAQ composite Index popped 102.39 points, or 1.4%, to 7,530.33, and hit an all-time high, erasing the losses from last month's correction. Shares of Facebook, Amazon, Netflix and Google all rose to help the indexes rise.

President Donald Trump signed two declarations on Thursday, which would implement tariffs on steel and aluminum imports. The tariffs are expected to take effect in 15 days and will put a 25% charge on steel, and 10% on aluminum. Canada and Mexico, however, are exempt.

The U.S. economy added 313,000 jobs in February, according to the U.S. Bureau of Labor Statistics. Economists had expected a mere gain of 200,000.

Wages, meanwhile, grew less than expected, rising 2.6% on an annualized basis. Stronger-than-expected wage growth helped spark a market correction in the previous month.

Prices for the benchmark 10-year Treasury note sagged, raising yields to 2.90% from Thursday’s 2.86%. Treasury prices and yields move in opposite directions.

Oil prices added $1.65 a barrel to $61.77 U.S.

Gold prices surged $3.30 to $1,325.00 U.S. an ounce.

NASDAQ at Record High