Equities in Canada’s financial centre rose on Friday as a rally in crude prices boosted energy producers and a surge in employment suggested an anticipated interest-rate cut is off the table.
The S&P/TSX Composite Index tallied 130.29 points ,or 1%, to close the day and the week at 13,396.73. The benchmark pared its loss in the week to 0.3% and brought its year-to-date gain to 2.9%, among the best in the developed world.
The Canadian dollar jumped 0.87 cents to 76.93 cents U.S.
The country’s largest energy producers popped, hitting their highest levels this month. Enerplus Corp. surged 32 cents, or 6.2% to $5.45, the highest since December, while Whitecap Resources Inc. was up 57 cents, or 7.5% to $8.15, extending a four-day rally in which the stock has gained more than 13%.
Raw-materials producers rallied for a fourth straight day, as First Quantum Minerals hiked 74 cents, or 13.4%, to $6.28, while Teck Resources scaled higher 45 cents or 5%, to $9.53.
In the energy sector, EnCana muscled higher 10 cents, or 1.3%, to $7.81, and Baytex Energy spiked 20 cents, or 4%, to $5.23.
In the gold patch, Kinross Gold jumped 11 cents, or 2.2%, to $5.09, while Goldcorp moved higher 75 cents, or 3.5%, to $22.24.
Health-care companies slumped, dragged down by a decline of 6.1%, or $2.84, for Valeant Pharmaceuticals International, which ended the week at $43.86.
On the economic front, Statistics Canada reported the economy created 41,000 jobs during March, bringing the unemployment rate up 0.2 percentage points to 7.1%. This follows three months of stagnant numbers.
With the gains in March, the agency adds, employment grew by 33,000, or 0.2% in the first quarter, the fourth-consecutive quarter with 0.2% employment growth.
Elsewhere, Canada Mortgage and Housing Corporation reported that housing starts fell in March to 204,251 units, from an upwardly revised 219,077 units in February. Forecasters had expected 190,000 starts.
ON BAYSTREET
The TSX Venture Exchange gained 6.48 points to 603.92
All but three of the 13 TSX subgroups were higher, as metals and mining gained 6.2%, energy was up 2.5%, and gold climbed 2.2%
The three laggards were health-care, down 2.6%, consumer discretionary stocks, off 0.8%, and information technology trailing 0.5%.
ON WALLSTREET
U.S. stocks closed well off session highs Friday, despite a rally in oil, as the yen strengthened against the U.S. dollar.
The Dow Jones Industrials remained in the green 35 points to 17,576.96, tracking for its worst week since Feb. 12.
UnitedHealth and Nike were the greatest contributors to declines in the Dow, while Chevron was among the top contributors to gains.
The Big Board had been up as much as 150 points during the session before settling near the breakeven mark.
The S&P 500 added 2.15 points to 2,044.06, with energy leading seven sectors higher with consumer discretionary leading decliners.
The NASDAQ index doggedly worked its way into positive country 2.32 points to 4,850.69, as Facebook held 2.5% lower
On things economic, wholesale inventories in the states showed a 0.5% decline in February, the sharpest decline since May 2013
Prices for the 10-year Treasury dropped, lifting yields to 1.72% from Thursday’s 1.69%. Treasury prices and yields move in opposite directions.
Oil prices gained $2.27 a barrel to $39.53 U.S.
Gold prices dipped 46 cents to $1,239.99 U.S. an ounce.
