Resource stocks gave a major push to the Toronto stock market Friday morning amid mixed North American jobs reports.
The S&P/TSX composite index gained 127.63 points to greet noon at 14,690.61
The Canadian dollar took on 0.53 cents to 88.07 cents U.S.
In other corporate developments, Bloomberg reported that Canadian Pacific Railway could be interested in going after Norfolk Southern, the second-largest railroad in the eastern U.S.
CP made a pitch to U.S. carrier CSX during October but talks didn't result in a deal. Canadian Pacific director Bill Ackman, founder of CP shareholder Pershing Square Capital, said CSX is not the only potential merger partner.
CP gained $1.04 to $236.05 while Norfolk Southern gained 2.3%.
Senior care company Extendicare is selling its U.S. business for about $922 million. Its stock was down 11 cents to $8.
The gold sector led TSX advancers, as Barrick Gold climbed 57 cents, or 4.4%, to $13.54.
The energy sector rose as Suncor gained $1.04 to $39.54.
December copper was up two cents to $3.03 U.S. a pound and the base metals sector ran ahead. Teck Resources hiked $1.34, or 7.7%, to $18.70.
On the economic front, Statistics Canada reported this morning that jobs in Canada increased 43,000 in October, weighing the unemployment rate down 0.3 percentage points to 6.5%, the lowest rate since November 2008.
The agency was expected to report that the economy lost 5,000 jobs in October, pulling back from the surge in hiring seen in September, while the unemployment rate was forecast to hold steady at 6.8%.
ON BAYSTREET
The TSX Venture Exchange hiked 9.91 points to 761.45.
All but four of the 14 Toronto subgroups gained ground Friday morning, led by gold, surging 5.5%, metals and mining, ahead 4.8%, and materials, climbing 3.9%.
The four laggards were weighed by health-care, tumbling 6.6%, while consumer staples and consumer discretionaries each slid 0.6%.
ON WALLSTREET
U.S. stocks fluctuated on Friday, with the S&P 500 and Dow industrials close to their loftiest levels, after data had the U.S. economy producing less-than-expected jobs in October and the unemployment rate declining to a six-year low.
The Dow Jones Industrials nosed up 0.40 points to 17,554.87, with Walt Disney leading blue-chip declines that extended to 18 of 30 components.
The S&P 500 eked up 0.75 points to 2,031.96. The NASDAQ index dropped 13.13 points to 4,625.34
The U.S. Bureau of Labor Statistics declared that the economy created 214,000 jobs last month, dropping the unemployment rate one-10th of a percentage point to 5.8%. Economists had projected that 233,000 jobs were created in October, and the jobless level would remain at 5.9%.
Prices for 10-year U.S. Treasuries gained sharply, lowering yields to 2.31% from Thursday’s 2.38%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.24 to $79.15 U.S. a barrel.
Gold prices moved higher $22.20 to $1,164.80 U.S. an ounce.
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