Canada's main stock index opened higher on Friday after data showing a steady pace of hiring in the United States and Canada helped boost market sentiment and drive gains across most major sectors.
The S&P/TSX composite index began Friday 38.33 points to 14,440.54
The Canadian dollar muscled higher 0.44 cents at 91.04 cents U.S.
Gold stocks led the parade, as Eldorado Gold took on 26 cents, or 4.1%, to $6.64, and Barrick Gold gained 38 cents, or 1.9%, to $20.62.
Among global base metal stocks – another gaining group – Thompson Creek Metals gained seven cents, or 2.7%, to begin the session at $2.70.
In the economic docket, Statistics Canada reported this morning that the economy added 43,000 jobs in March. The unemployment rate declined 0.1 percentage points to 6.9%. Overall employment growth in Canada has been subdued since August 2013.
Western University’s Ivey School of Business reported that its Purchasing Managers’ Index stood at 55.2 for March, compared to 57.2 in February and 61.6 for March 2013. The index asks purchasing managers if their buying activity increased or slumped the month before.
A figure above 50 shows an increase while below 50 shows a decrease.
ON BAYSTREET
The TSX Venture Exchange recovered 6.27 points to 1,008.23
All but three of the 14 Toronto subgroups were higher, led by gold, surging 1.5%, materials, up 1%, and global base metals, gaining 0.7%.
The three laggards were health-care, subsiding 0.8%, while real-estate and consumer discretionaries each slid 0.04%.
ON WALLSTREET
The March jobs report thrilled investors, as indexes reached new intraday highs.
The Dow Jones Industrial Average grew 36.77 points to 16,609.32. The S&P 500 added 6.16 points to open at 1,894.93. The NASDAQ nicked higher 0.97 points to 4,238.71
One stock which investors were hungry for this morning was GrubHub. The online food ordering company priced its initial public offering at $26 U.S. a share. It surged close to 50% before falling back. It is now trading around $35 U.S.
CarMax shares are falling. The company, the biggest seller of used cars in the U.S., reported weaker-than-expected earnings largely due to what the company referred to as an accounting correction.
The U.S. government said 192,000 jobs were added last month. The unemployment rate held steady at 6.7%, and wage growth is still weak.
While March job growth was slightly weaker than economists predicted (economists expected a figure of 219,000), January and February payrolls were revised higher, showing more job gains than first reported during the frigid winter months.
The report could influence the pace at which the Federal Reserve continues to withdraw its support for the economy. Fed Chair Janet Yellen said this week that the jobs market was far from healthy, especially with such slow wage growth.
Prices for 10-year U.S. Treasuries sprang up, dropping yields to 2.76% from Thursday’s 2.79%. Treasury prices and yields move in opposite directions.
Oil prices gained 81 cents to $101.10 U.S. a barrel.
Gold prices took on $14.10 to $1,298.70 U.S. an ounce.
Related Stories
