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TSX Pumps Higher on Jobs Figures

Baystreet.ca
Markets in Toronto opened higher on Friday after data showed unexpected job losses in April, raising ...

Markets in Toronto opened higher on Friday after data showed unexpected job losses in April, raising the odds that the Bank of Canada will hold interest rates steady.

The S&P/TSX Composite Index gained 44.91 points to begin the week’s last session at 16,004.41

The Canadian dollar dropped 0.06 cents to 78.27 cents U.S.

Thomson Reuters has reported slightly higher-than-expected first-quarter sales and earnings, and forecast low single-digit growth in 2018 revenue in its remaining business.

Thomson shares fell $2.09, or 4.2%, to $47.90.

The Bank of Canada, Toronto Stock Exchange operator TMX Group, and non-profit organization Payments Canada said on Friday that tests had shown blockchain technology can be used for automating instantaneous securities settlements.

TMX shares dropped $1.94, or 2.4%, to 79.21

Canaccord Genuity raised the price target on Finning International to $38.00 from $37.00. Finning shares eased 49 cents, or 1.5%, to $33.34.

Canaccord Genuity cut the price target on Telus Corp. to $48.00 from $49.00. Telus shares inched up four cents to $45.78.

Canaccord Genuity raised the price target on WSP Global to $67.00 from $62.00. WSP shares faded $1.75, or 2.7%, to $63.94.

On the economic beat, Statistics Canada reported employment was essentially unchanged in April and the unemployment rate held steady at 5.8%

ON BAYSTREET

The TSX Venture Exchange gained 3.15 points to 777.84

All but one of the 12 TSX subgroups were higher in the first hour, as materials and utilities each gathered 0.6%, and telecoms were stronger by 0.4%.

The lone laggard was in industrials, off 0.1%.

ON WALLSTREET

U.S. equities rose slightly on Friday, as Wall Street looked to book a week of solid gains led by energy stocks.

The Dow Jones Industrials gained 108.91 points to begin Friday at 24,848.44, with Verizon as the best-performing stock in the index.

The S&P 500 gained 6.1 points to 2,729.24, with telecommunications outperforming.

The NASDAQ nicked up 0.05 points to 7,405.02

For the week, however, the major indexes are all up at least 2%.

Technology shares also contributed to the index's weekly gains, rising 3.7%. Leading the S&P 500's biggest sector by market cap were Facebook and Google-parent Alphabet, which climbed more than 5%.

In corporate news, chip maker Nvidia reported better-than-expected earnings and revenue, while giving upbeat guidance. The stock fell 2.2%, however on Friday

Energy stocks were up 3.8% for the week entering Friday's session, the most of all 11 S&P 500 sectors. The sector received a boost from surging oil prices, which jumped after President Donald Trump pulled the United States out of the Iran nuclear deal.

Prices for the benchmark for the 10-year U.S. Treasury dipped slightly, raising yields to 2.97% from Thursday’s 2.96%. Treasury prices and yields move in opposite directions.

Oil prices shed 22 cents a barrel to $71.14 U.S.

Gold prices gained a dollar to $1,323.30 U.S. an ounce.