Stocks in Toronto finished off an uneventful Friday with a flat finish, though tech stocks continued to flex their muscles. Investors digested employment numbers from Ottawa that put the jobless rate at all-time low.
The S&P/TSX Composite Index poked up 3.16 points to end Friday and the week at 16,230.96
The Canadian dollar zoomed 0.45 cents to 75.30 cents U.S.
In the tech sector, Enghouse Systems added $1.16, or 3.4%, to $35.42, while Shopify continued its hot performance of late, climbing $7.99, or 2%, to $405.45.
In the health-care field, Aphria jumped 49 cents, or 5.3%, to $9.74, while Hexo took on 20 cents, or 2.4%, to $8.57.
Among energy plays, Cenovus Energy popped 39 cents, or 3.7%, to $10.92, while CES Energy Solutions gained five cents, or 2.3%, to $2.27.
Communications took the brunt of selling Friday, as TELUS foundered 98 cents, or 1.9%, to $49.99, while Cineplex lost 29 cents, or 1.2%, to $23.71.
Resource stocks took a knock, as Torex Gold slumped 67 cents, or 5.1%, to $12.61, while Kirkland Lake Gold dropped $1.53, or 3%, to $49.65, and Alacer Gold fell behind 14 cents, or 3.4%, to $3.93.
On the economic schedule, Statistics Canada said the economy added 27,700 net new jobs in May after economists predicted a gain of 8,000 positions from April and a jobless rate of 5.7%. The current unemployment rate at 5.4% was the lowest since comparable data became available in 1976.
ON BAYSTREET
The TSX Venture Exchange regained 1.34 points to 596.54
Seven of the 12 Toronto subgroups remained positive on the day Friday, with information technology sprinting 1.3%, while health-care proved 0.8% haler and energy, up 0.5%.
The five laggards were weighed most by communications, down 0.9%, while materials and gold each lost 0.7%.
ON WALLSTREET
Stocks had some pep on Friday, building on strong weekly gains, as weak economic data increased the odds of easier monetary policy from the Federal Reserve.
The Dow Jones Industrial Average vaulted 265.40 points, or 1%, to end the week at 25,986.06, led by gains in Microsoft and Apple.
The S&P 500 gained 29.85 points, or 1.1%, to 2,873.34, as the tech sector outperformed
The NASDAQ Composite popped 126.55 points, or 1.7%, to 7,742.10.
The major indexes posted sharp gains for the week. The Dow jumped 4.7%, its biggest weekly gain since November. It also snapped a six-week losing streak. The S&P 500 gained 4.4%, and NASDAQ was up 3.9% this week.
Apple shares rose more than 2.5% along with Microsoft. For the week, Apple soared more than 8% while Microsoft gained 6.3%.
Bank shares followed yields lower. Citigroup, J.P. Morgan Chase and Bank of America all fell more than 1%.
The U.S. economy added 75,000 jobs in May, marking the second straight month of monthly jobs growth below 100,000. Economists polled by Dow Jones expected an increase of 180,000 jobs. Wage growth also slowed.
Market expectations for a Fed rate cut in June rose to 27.5% from 16.7% after the data release. The market is also pricing in a 79% chance of lower Fed rates by July.
Prices for the benchmark 10-year U.S. Treasury leaped, lowering yields to 2.08% from Thursday’s 2.13%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.41 to $54.00 U.S. a barrel.
Gold prices gained $2.60 at $1,345.30 U.S. an ounce.
