Equity markets in Toronto climbed on Friday after data indicating a steady pace of hiring in Canada and the United States lifted market sentiment and drove gains in most major sectors.
The S&P/TSX composite index greeted noon on Friday ahead 43.75 points to 14,445.76. The index has gained in five of the last six sessions and is up about 6% in 2014.
The Canadian dollar muscled higher 0.51 cents at 91.11 cents U.S.
Gold-mining shares jumped as Barrick Gold advanced 2% to $20.64, and Goldcorp rose 1.6% to $27.56.
Oil prices also climbed, helping drive up the energy sector. Suncor Energy Inc was up 0.9% at $39.58, and Canadian Natural Resources Ltd gained 0.7% to $43.87.
In corporate news, Air Canada forecast higher first-quarter earnings before interest, taxes, depreciation, amortization and impairment, and aircraft rent (EBITDAR) due to system-wide traffic growth and increased capacity. The stock shot up 23.1% to $7.09.
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 grew 7.26 points to 1,009.22
All but two of the 14 Toronto subgroups were positive by noon, led by gold, up 1.7%, materials, hiking 1.1%, and the metals and mining group, soaring 0.7%.
Health-care stocks dipped 1.9%, while information technology slid 0.7%.
ON WALLSTREET
The main stock markets in the U.S. did not warm to Friday morning’s job figures the way they might have done, making up for an early jolt to negative country by noon ET.
The Dow Jones Industrial Average faded 55.26 points to 16,517.29. The S&P 500 sank 12.34 points to 1,876.43. The NASDAQ tumbled 95.09 points to 4,142.65
GrubHub, the online food ordering company, priced its initial public offering at $26 U.S. a share, and surged close to 50% before falling back. It is now trading around $35 U.S.
Another stock also making its market debut: IMS Health. Shares of the healthcare information provider are up more than 10%. The IPO was priced last night at $20 U.S. a share.
Shares of Synnex are sharply higher. The computer hardware distributor reporting better-than-expected earnings late Thursday. Brean Capital also raising its price target for the stock to $85 U.S. a share from $72 U.S.
Generic drug company Mylan was one of the best performing stocks in the S&P 500 this morning. That's despite news that Swedish rival Meda rejected an offer from Mylan to combine the two companies.
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 2.72% from Thursday’s 2.79%. Treasury prices and yields move in opposite directions.
Oil prices gained 85 cents to $101.14 U.S. a barrel.
Gold prices took on $19.50 to $1,304.10 U.S. an ounce.
