Equities in Toronto advanced only slightly in early trade on Thursday after seven days of losses as financial and industrial stocks rose, although weak oil prices kept the pressure on energy stocks.
The S&P/TSX composite index remained positive 32.46 points to greet noon at 12,480.67. The index has fallen seven consecutive days, the longest losing streak since November.
The Canadian dollar was down 0.16 to 70.68 cents U.S. early Friday.
Six of the seven biggest advancers were financials, with Sun Life Financial Inc prospering 1.2% to $40.32.
Industrials rose, helped by a 1.3% gain to $31.31 for Canadian Utilities Ltd after it raised its dividend by 10%. Canadian National Railway rose 0.7% to $72.43.
Canadian Natural Resources fell 1.3% to $27.18 as oil prices slipped back to near 11-year lows, amid persistent global oversupply and a bleak demand outlook.
Goldcorp declined 2.6% to $17.48 and Barrick Gold fell 2.5% to $12.03 as bullion came off a nine-week high following the U.S. jobs report that boosted the U.S. currency.
On the economic front, Statistics Canada reported that the economy added 23,000 jobs in December, keeping the unemployment rate at 7.1%.
Also, the agency reported that building permits was down 19.6% from October to $6.2 billion in November, falling below the $7-billion mark for first time since May 2015.
ON BAYSTREET
The TSX Venture Exchange faded 0.35 points to 513.40
Eight of the 13 TSX subgroups were higher midday, with information technology advancing 1.1%, while utilities and financials each up 0.8%.
The five laggards were weighed most by health-care, sliding 1.7%, gold, down 1.6%, and materials failing 1%.
ON WALLSTREET
U.S. stocks struggled to hold gains Friday, attempting to recover from a sharply lower start to the year, amid stabilization in global markets and the December employment report.
The Dow Jones industrial average was higher 31.74 points to 16,545.84. Chevron and Exxon Mobil weighed on the index.
The S&P 500 inched down 0.21 points to 1,942.88, with information technology leading nine sectors higher and energy the only decliner.
The NASDAQ index stayed positive 15.87 points to 4,705.29. Alphabet, Cisco and Texas Instruments offset gains in Apple stock to weigh on the NASDAQ.
The December employment report showed creation of 292,000 jobs and the unemployment rate at 5% south of the border. Average hourly earnings declined one cent, for an annualized gain of 2.5%, mostly because wages were unusually weak in December 2014.
Expectations for Federal Reserve rate hikes in 2016 rose Friday after the jobs report. Two more employment reports and other data are due before the central bank is next expected to consider another rate rise, in March.
Elsewhere on the economic front, wholesale inventories fell 0.3% in November. Wholesale sales fell 1% in November.
Prices for the 10-year Treasury fell, raising yields to 2.15% from Thursday’s 2.14%. Treasury prices and yields move in opposite directions.
Oil prices sank 36 cents a barrel to $32.91 U.S.
Gold prices dulled $6.41 to $1,102.56 U.S. an ounce.
