(REVISES STORY OF JOBS NUMBERS IN 6TH PARAGRAPH, STATING THE ECONOMY "CREATED" 73,000 JOBS)
Equities in Toronto built on gains gathered early on Friday, after data showing record-low rates of unemployment in March cemented the case for a bigger interest rate hike by the central bank next week.
The TSX Composite Index jumped 104.78 points to break for lunch at 21,939.67.
The Canadian dollar recouped 0.12 cents to 79.45 cents U.S.
The largest percentage gainer on the TSX was MTY Food Group, which jumped $4.52, or 8.3% to $58.93, after the restaurant operator and franchiser posted upbeat first-quarter results.
Lithium Americas fell $4.01, or 9.5%, the most on the TSX, to $38.21, followed by Shopify, down $41.27, or 5.1%, to $769.85.
On the economic front, Statistics Canada reported the economy created 73,000 jobs in March. The unemployment rate fell 0.2 percentage points to 5.3%, the lowest rate on record since comparable data became available in 1976.
Experts had called for the addition of 80,000 jobs last month after posting a massive addition of 336,600 jobs in February.
In the federal budget, the Liberals put red-hot real estate markets squarely in their sights on Thursday, laying out a budget geared at boosting housing affordability amid soaring inflation, while promising modest new spending to encourage medium-term growth.
ON BAYSTREET
The TSX Venture Exchange added 2.8 points to 889.13.
All but three of the 12 TSX subgroups were in plus territory midday, led by gold, up 1.6%, materials, stronger 1.4%, and energy, up 1.2%.
The three laggards were information technology, down 2.1%, while industrials shed 0.7%, and consumer discretionary stocks, easing 0.03%.
ON WALLSTREET
U.S. stocks moved slightly higher on Friday and the market headed for a losing week as investors braced for tighter monetary policy from the Federal Reserve.
The Dow Jones Industrials popped 252.68 points to 34,836.25.
The S&P 500 recovered 10.21 points to 4,510.42
The NASDAQ Composite remained negative, however, 75.37 points to 13,821.93, on pace for its first weekly loss in four weeks.
Tech stocks led Friday’s losses as investors dumped the riskier shares in anticipation of higher interest rates limiting the group’s future profit growth. Chipmakers like Nvidia and Micron, which have struggled amid supply chain shortages and concerns of a looming recession, dipped 3% and 1.5%, respectively, while shares of Tesla, Alphabet, and Apple inched lower.
UPS fell 1.1% on the back of a downgrade from Bank of America citing concerns about weakening demand and declining prices in the industry.
The health-care and consumer staples sectors rallied this week as investors worried about a slowing economy pivoted toward stocks with stable earnings.
Merck, Home Depot and UnitedHealth Group inched higher again on Friday. Financial sector companies like JPMorgan Chase and American Express rebounded, giving up some of the week’s earlier losses
Treasury prices fell as yields increased to 2.69%, from Thursday’s 2.65%. Treasury prices and yields move in opposite directions.
Oil prices strengthened $1.05 to $97.08 U.S. a barrel.
Gold prices added $10.00 to $1,948.10 U.S. an ounce.
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