Equities in Canada’s biggest market fell on Friday, following disheartening labor market data for September that has cast doubt on the strength of the economy of Canada's biggest trading partner.
The S&P/TSX composite index was off its lows of the morning, but still negative by 66.04 points to greet noon at 13,175.85
The Canadian dollar gained 0.3 cents at 75.66 cents U.S.
Financials were the heaviest drags on the TSX, as Royal Bank of Canada tumbled 3.4% to $71.08, and Bank of Nova Scotia dumped 2.5% to trade at $56.92.
On the upside, eight of the 10 most influential gainers were mining companies, with Agnico Eagle Mines surging 8.6% to $35.57.
ON BAYSTREET
The TSX Venture Exchange dropped 1.16 points to 524.73
Seven of the 13 TSX subgroups were lower midday, with financials down 2.2%, health-care off 0.9%, and utilities sliding 0.7%
The half-dozen gainers were led by gold, up 6%, materials, up 3.8%, and metals and mining, advancing 3.3%.
ON WALLSTREET
U.S. stocks traded lower Friday as Wall Street digested a weaker-than-expected jobs report.
The Dow Jones industrial average recovered from an early morning collapse of nearly 250 points, to reach to within 41.76 points of breakeven at 16,230.25 by noon ET, with Goldman Sachs the greatest weight on the index and Pfizer helping gains.
The S&P 500 was off 9.57 points to 1,914.25. Health-care and utilities were the only advancing sectors in the S&P 500.
The NASDAQ index stayed negative 13.58 points to 4,613.50.
The U.S. economy created 142,000 jobs in September, a number far below the expected 203,000 and could cool expectations that the Federal Reserve will start raising interest rates soon. August and July figures were also revised lower.
Experts are predicting that the first rate hike will come no earlier than March 2016.
Unemployment held at 5.1%, according to the U.S. Labor Department. The participation rate plunged to 62.4%.
Average hourly wages fell by a cent to $25.09 U.S. during the month and were up only 2.2% from the same month in 2014, pointing to marginal inflationary pressures, Reuters said.
Elsewhere, factory orders showed a decline of 1.7% in August, a slightly greater-than-expected decline.
Prices for 10-year U.S. Treasuries gained sharply, hammering yields to 1.96%, compared to Thursday’s 2.04%. Treasury price and yields move in opposite directions.
Oil prices demurred 58 cents a barrel to $44.16 U.S.
Gold prices hurtled higher $25.59 to $1,139.20 U.S. an ounce.
