The Toronto stock market was higher Friday with stocks advancing across most sectors as a stronger than expected U.S. employment report firmed convictions that the economic recovery is on track.
The S&P/TSX Composite Index was off its highs of the day, but still positive by 14.05 points to finish the week at 14,130.15
The Canadian dollar was up 0.67 cents at 103.69 cents U.S.
The TSX energy sector rose amid rising oil prices. Prices earlier reached almost $108 U.S. a barrel as investors worried a prolonged conflict in Libya will keep the OPEC country’s crude exports off the market longer than expected.
Prices were also supported by data showing that China’s manufacturing regained momentum in March, easing fears of a sharp slowdown. China’s purchasing managers index, or PMI, rose to 53.4 last month, ending a three-month decline, raising hopes for higher demand.
Suncor Energy climbed 13 cents to $43.61 while Cenovus Energy was ahead 46 cents to $38.76.
The financials sector also gained ground, with Bank of Montreal ahead 66 cents to $63.64 and Royal Bank climbed 67 cents to $60.66.
Other commodities were weak as the May copper contract on the Nymex lost five cents to $4.26 U.S. a pound. But the base metals sector was ahead 1.17 per cent as First Quantum rose $4.46 to $129.88 but Quadra FNX Mining declined nine cents to $13.42.
HudBay Minerals Inc. shares rose 35 cents to $16.14 as it reported that its copper-equivalent reserve estimate has nearly quadrupled, to 39.2 pounds per common share from 11.3 pounds per share in 2010 — mainly due to a recent acquisition in Peru.
The gold sector plummeted as Goldcorp Inc. lost 93 cents to $47.41 while Barrick Gold Corp. shed 96 cents to $49.43.
In other corporate news, shares in BCE Inc. were up 12 cents to $35.34 as the company announced it is launching Bell Media. The new business unit will make CTV programs and other Bell content available on smartphones and computers as well as traditional TV.
BCE also said Friday that it has completed its $3.2-billion acquisition of the national TV and radio broadcaster and will update its 2011 financial guidance to reflect the CTV acquisition when it reports first-quarter results on May 12.
Quebec technology company Exfo Inc. issued quarterly results and a financial outlook on Thursday that fell short of analyst expectations, despite improved margins and sharp growth in sales revenue. Net income was $1.7 million U.S. or three cents a share in the second quarter, missing estimates by three cents and its shares tumbled $2.61 or 24.7% to $7.94.
Homburg Canada Real Estate Investment Trust is making the largest acquisition in its history as the property owner looks to further tap into Calgary’s energy-fuelled growth. The Montreal-based trust said Friday it’s buying a 50% stake in Calgary’s Scotia Centre office building for $116 million and its units gained seven cents to $12.25.
ON BAYSTREET
The TSX Venture Exchange gained 2.41 points to 2,298.40, while the Nasdaq Canada index subsided 0.46 points to 764.55
In Toronto, all but four of the 14 subgroups were positive. Health-care issues added 1.9%, while metals and mining stocks moved up 1% and information technology gained 0.9%.
The laggards were weighed mostly by gold, down 1.4%, real-estate, off 1%, and materials, sliding 0.7%.
ON WALLSTREET
In New York, stocks posted solid gains on Friday, the first day of the second quarter, bolstered by the government's stronger-than-expected jobs report.
The Dow Jones industrial average jumped 56.99 points Friday to close at 12,376.70
The S & P 500 gained 6.58 points to 1,332.41. The tech-rich Nasdaq Composite Index added 8.53 to 2,789.60
Friday's gains were broad, with 25 out of the Dow's 30 members trading in the green. The Dow now stands near its 52-week high, a sign of how well this market continues to perform despite the problems abroad, investors said.
Friday's jobs numbers are the latest economic data to show that the U.S. economy remains in a slow, but steady, period of economic recovery. While still elevated, the unemployment rate now sits at its lowest level in two years.
Investors were also digesting a new offer for the NYSE from Nasdaq and IntercontinentalExchange.
Nasdaq and ICE offered $42.50 U.S. a share for NYSE Euronext, topping the bid from rival Deutsche Boerse by nearly 19%. Shares of NYSE jumped 13%, Nasdaq shares were up 10% and ICE shares fell 3%.
Shares of Krispy Kreme plunged 20%, a day after the doughnut marketer reported earnings that came in well short of analyst expectations.
Office Depot shares sank 9% after the office supply retailer disclosed that it will have to restate its 2010 financial results after the IRS denied a claim for $80 million in tax benefits.
Ford's monthly U.S. auto sales surpassed General Motors' for the first time since 1998.
Economically speaking, the U.S. Labor Department reported that the economy created 216,000 jobs last month, which was slightly above expectations. The jobless rate edged down a 10th of a percentage point to a two-year low of 8.8%
Elsewhere, the Institute for Supply Management's said its manufacturing index fell slightly to a reading of 61.2 in March, compared with the 61.4 reading that economists had expected.
The Commerce Department's report on construction spending showed a decline of 1.4% in February, worse than the decline of 0.7% economists were looking for.
The price on the benchmark 10-year U.S. Treasury gained ground, pushing yields down to Thursday’s 3.45%. Treasury prices and yields move in opposite directions.
Oil for February delivery forged ahead $1.41 to $108.13 U.S. a barrel.
Gold futures for June delivery slipped $10.20 to $1,429.10 U.S. an ounce.
