Stocks in Canada’s largest market opened higher on Friday as energy stocks benefited from a pause in oil's sharp price drop and as solid domestic and U.S. jobs data boosted sentiment.
The S&P/TSX Composite Index strengthened 48.52 points to begin the week’s last session at 15,545.36
The Canadian dollar resurged 0.26 cents at 74.29 cents U.S.
Canaccord Genuity initiates coverage on Arizona Mining with speculative buy rating. Arizona shares took on three cents, or 1.3%, to $2.27.
Barclays raised the target price on Descartes Systems Group to $35.00 from $34.00. Descartes shares acquired 45 cents, or 1.5%, to $30.29.
National Bank Financial cut the target price on Dorel Industries to $33.00 from $36.00. Dorel shares popped 46 cents, or 1.4%, to $32.46.
On the economic scene, Statistics Canada reported that the economy added another 15,000 jobs in February, pushing the unemployment rate down to 6.6%.
The agency said Canada has cranked out 288,000 jobs in the past year leading up to February.
ON BAYSTREET
The TSX Venture Exchange regained 2.81 points to 791.66
All 12 TSX subgroups moved higher in the first hour, with energy gushing 0.8%, materials stronger by 0.7%, and gold brighter 0.5%.
ON WALLSTREET
U.S. equities got off to a strong start Friday following a jobs report that topped expectations.
The Dow Jones Industrials gained 63.31 points to start Friday at 20,921.50
The S&P 500 gained 10.46 points to 2,375.33
The NASDAQ added 29.29 points to 5,868.19
The stateside economy added 235,000 jobs in February, the U.S. Bureau of Labor Statistics said, adding the unemployment rate ticked lower to 4.7%
Investors eagerly awaited for the report, looking for one last item confirming the Federal Reserve would probably raise rates next Wednesday.
Experts had market expectations for a March rate hike at 93% after the data were released.
Prices for the benchmark 10-year Treasury note gained ground, lowering yields to 2.59% from Thursday’s 2.61%. Treasury prices and yields move in opposite directions.
Oil prices dropped 11 cents to $49.17 U.S. a barrel
Gold prices docked $3.20 to $1,200 U.S. an ounce.
