The Toronto stock market moved lower Friday as the U.S. dollar strengthened despite data showing far less U.S. job creation last month than expected, which depressed oil prices.
The S&P/TSX composite index closed the day off 58.14 points to 13,783.21
The Canadian dollar gained 0.28 cents to 101.2 cents U.S.
Among energy stocks, Cenovus Energy was down 32 cents at $33.88, while Suncor Energy declined $1.36 to $40.61 after Raymond James downgraded the stock to market perform from outperform.
Investors also continued to monitor political protests in Egypt. The unrest in Egypt has left a significant mark on oil prices, which are up more than six per cent over the past week, reflecting continuing battles in Cairo involving supporters and opponents of President Hosni Mubarak.
Shipping through Egypt’s Suez Canal has not been disrupted, but investors are also concerned that political instability could spread to oil rich countries in the Middle East.
The base metals sector was off, even as copper moved further into record territory, with the March contract on the Nymex rising five cents to $4.60 U.S. a pound. Teck Resources declined $1.17 to $61.76.
The gold sector fell as Barrick Gold Corp. lost 77 cents to $47.51 while Kinross Gold gained 44 cents to $16.75.
Industrial stocks also depressed the TSX as Bombardier Inc. lost 15 cents to $6.22.
The financials group was a leading advancer as TD Bank gained 60 cents to $78.23.
In earnings news, shares in construction company Aecon Group Inc. tumbled $1.08, or almost 11%,
to $8.78 after the company predicted operating losses of between $56 million and $59 million because of changes to an order on a Suncor Energy oilsands project.
Brookfield Infrastructure Partners credited a big gain related to its merger with Prime Infrastructure in December for posting a major increase in earnings. The Bermuda-based company, which reports in U.S. dollars, earned $416 million U.S., or $3.48 per unit, compared with a loss of $45 million U.S., or 58 cents per unit, in the same 2009 quarter.
Its units added 40 cents to $22.25.
Domtar Corp said its fourth-quarter profits increased to $325 million U.S. from $124 million a year ago as the paper and wood products producer overcame production issues and benefited from higher average prices.
However, earnings missed expectations and its shares fell $1.25 to $86.96.
Speaking economically, Statistics Canada reported that the economy generated just over 69,000 new jobs last month, spread across most of the country and evenly split between full-time and part-time. That was far higher than the expectations for around 21,000 new jobs.
However, the unemployment rate rose two-10ths of a point to 7.8% as more people returned to the workforce.
ON BAYSTREET
The TSX Venture Exchange inched ahead 2.19 points to 2,366.10, while the Nasdaq Canada index gained 5.62 to 786.39.
In Toronto, eight of the 14 subgroups fell. Energy issues slid 1.5%, gold was off 0.9%, and materials faded 0.7%.
The six gainers were led by telecoms and consumer staples, each picking up 0.6% and financials, up 0.5%.
ON WALLSTREET
In New York, stocks bounced on either side of breakeven Friday, as investors weighed a smaller-than-expected rise in January payrolls against a drop in the U.S. unemployment rate.
The Dow Jones Industrials managed to prosper 29.89 points to close at 12,092.20
The S&P 500 index regained 3.77 points to 1,310.87. The tech-rich Nasdaq Composite Index gained 15.42 points to 2,769.30.
Shares of JPMorgan Chase slipped nearly 2% after allegations late Thursday that the investment bank was warned about Bernard Madoff's Ponzi scheme years prior to its collapse, but did nothing to stop it.
Early Friday, Aetna also reported stronger-than-expected fourth-quarter earnings and boosted its dividend, sending shares of the company 9% higher.
Shares of JDS Uniphase Corp. surged 23%, after the communications equipment maker logged quarterly earnings late Thursday that widely beat expectations.
Food company Tyson reported fiscal first-quarter earnings that topped expectations. Shares were up 6% in mid-day trading.
After the market close Thursday, Las Vegas Sands posted disappointing earnings, sending shares of the casino company 6% lower in early trading. Other casino stocks, including Wynn Resorts and MGM Resorts International shared the pain. Shares of Wynn fell 2%, while MGM shares slumped 1.4%.
On the economic front, the U.S. economy added 36,000 jobs in January, according to the Labor Department's monthly report.
The reading was much lower than forecast, with economists surveyed by CNNMoney expecting employers to have added 149,000 jobs in January.
But the government also reported that the employment rate dropped to 9% from 9.4% in December, while economists had predicted the rate would tick back up to 9.5%.
The price on the benchmark 10-year U.S. Treasury fell sharply, pushing the yield up to 3.65% from 3.54% Thursday. Treasury prices and yields move in opposite directions.
Oil for February delivery dipped $1.82 to $88.72 U.S. a barrel.
Gold futures for April delivery was down $4.30 to $1,348.70 U.S. an ounce.
