Equities in Canada’s main market rose on Friday snapping a four-day losing streak after a weaker-than-expected U.S. jobs report bolstered hopes that the Federal Reserve will hold rates steady later this month.
The TSX had gained 347.89 points, or 1%, by the close Friday 35,502.65. The index was behind on the week, 482 points, or 1.3%.
The Canadian dollar faded 0.15 cents to 70.17 cents U.S.
Industrials led the charge upward, with Aecon Group up $3.07. or 5.4%, to $59.89, while GFL Environmental captured $2.32, or 4%, to $59.86.
The techs, were higher as well, with Firan Technology up $2.02, or 8.1%, to $26.99, while Dye & Durham climbed 28 cents, or 28.3% to $1.27.
In materials, Ero Copper hiked $3.23, or 6.4%, to $53.98, while Trekor Metals gained 78 cents to $12.67.
Health-care weighed things down, with Extendicare sinking $1.44, or 4.8%, to $28.45, while Curaleaf dropped 41 cents, or 2.8%, to $14.25.
In real-estate, units of Allied Properties REIT dipped 38 cents, or 5.5%, to $6.59, while HR REIT sank 26 cents, or 2.8%, to $9.21.
Prime Minister Mark Carney said Canada will fast-track the approval process for a new proposed crude oil export pipeline ?to the West Coast.
The pipeline is a crucial part of Carney's bid to diversify the economy away from the U.S.
ON BAYSTREET
The TSX Venture Exchange regained 1.79 points to 880.57, still trailing last Friday’s close by 40 points, or 4.3%.
Eight of the 12 subgroups were higher with industrials hiking 1.8%, information technology ahead 1.7%, and materials better by 1.6%.
The four laggards were weighed most by health-care, ailing 1.3%, while consumer staples stocks stepped back 0.3%, and real-estate, dropping 0.2%.
ON WALLSTREET
Stocks rose Friday, though off their highs, following a surprisingly weak jobs report that raised hopes the Federal Reserve will hold rates steady in October.
The Dow Jones Industrials surged 250.88 points to 51,054,73
The S&P 500 index gained 56.27 points to 7,722.72.
The NASDAQ Composite bounced 319.27 points, or 1.2%, to 27,190.86.
Investors are coming off a modestly higher session Thursday, to start off the month of October.
Tech stocks rallied as risk-taking resumed on Wall Street, with shares of Nvidia hitting an all-time high for the first time since May. CrowdStrike, Palo Alto Networks and AMD also all rose to all-time highs. Meanwhile, shares of AMD also rose nearly 3%.
September’s non-farm payrolls report showed the U.S. economy added 29,000 jobs last month, with unemployment rising to 4.2%. The Dow Jones consensus called for jobs growth of 84,000 and for the unemployment rate to hold steady at 4.1%.
The report comes as traders reassess the next move for the Federal Reserve. Fed funds futures trading suggests an 86% likelihood the central bank will stand pat at this month’s meeting, up from a roughly 76% chance just the prior day,
Prices for the 10-year Treasury slipped, bringing yields back up to Thursday’s 5.29%. Treasury prices and yields move in opposite directions.
Oil prices swooned $1.43 to $91.44 U.S. a barrel.
Gold prices fell $29.50 to $4,172.80 U.S. an ounce.
