The Toronto stock market enjoyed a higher finish Friday, as commodities rose and both Canadian and U.S. jobs figures from April came in stronger than expected.
The S&P/TSX Composite Index gained 111.22 points to close at 13,566.60
The Canadian dollar gained 0.04 cents to 103.48 cents U.S.
Oil prices were down sharply from a 2 ½-year high of almost $115 U.S. late last week and the biggest one-day percentage drop in more than two years. The price of crude tumbled nearly seven per cent Thursday on a sharp rise in the U.S. dollar and a jump in applications for unemployment benefits.
Still, energy stocks were up on the narrower losses as shares in Canadian Natural Resources were up 2.4% or 98 cents to $42.22.
In corporate earnings news, uranium miner Cameco’s first-quarter profits slipped 36%, missing analyst expectations. Earnings fell to $91 million from $143 million, which is equivalent to 23 cents per share, compared to 36 cents per share during the same quarter last year.
Adjusted earnings per share were 21 cents below average analyst estimates for a profit of 31 cents per share, according to Thomson Reuters. Shares fell 21 cents to $27.47.
Centric Health Corporation Canada's leading diversified health-care company, announced today that it has entered into an agreement to acquire, amongst other things, all of the common units of LifeMark Health Limited Partnership. Centric’s shares hiked 11 cents, or 7.1%, to $1.66
Tim Hortons Inc. gained 67 cents to $47.43
Grocer Jean Coutu Group (PJC) Inc. gained six cents to $10.88
On the economic front, Statistics Canada said our economy created far more jobs than expected in April and recovered all the full-time positions lost in the recession, setting the stage for solid second-quarter growth and interest rate hikes later this year.
Net job creation totaled 58,300 in the month, according to the nation’s number crunchers, exceeding forecasts of a 22,500 gain. Most of the jobs were part-time and were evenly split between the private and public sectors.
ON BAYSTREET
The TSX Venture Exchange picked up 40.80 points to 2,088.60 while the Nasdaq Canada index slipped 4.80 points to 681.46
In Toronto, all but three of the 14 subgroups ended the day positive. Energy stocks gained 1.6%, global base metals marched forward 1.2%, and consumer discretionaries tacked on 1.1%.
The three laggards were information technology, down 0.6%, with real-estate issues and industrials settling back 0.2% each.
ON WALLSTREET
In New York, remained higher Friday in late-day trading, as most early gains were pared when a steep selloff in the euro dampened investor enthusiasm about a stronger-than-expected jobs report.
The Dow Jones industrial average gained 54.57 points, to end the day and the week at 12,638.70
The S&P 500 gained back 5.10 points to 1,340.20. The Nasdaq Composite Index added 12.84 points to 2,827.56
Insurer AIG late Thursday reported a loss from continuing operations of $1.41 U.S. per share for the first three months of the year, compared to a profit of $2.16 U.S. per share over the same period a year ago. Despite the weak earnings report, shares of AIG rose 1%.
Shares of Citigroup rose 1% ahead of the finalization of company's reverse-stock split. Citi shareholders will get one new share for every 10 shares they currently own.
The market retreated from its highs following a report in German magazine Der Spiegel that Greece was considering abandoning the euro.
The news sent the euro down more than 1.1% against the dollar. The dollar also gained strength against the Japanese yen but fell versus the British pound.
The Dow had been up as much 175 points as U.S. investors cheered a much better than expected jobs report.
Friday also marks the one-year anniversary of Wall Street's 'flash crash' that sent the Dow industrials plunging nearly 1,000 points in less than 20 minutes.
On the economic front, as mentioned, the U.S. Labor Department announced that non-farm payrolls jumped 244,000 in April, the unemployment rate ticking higher to 9% from 8.8%.
Economists were expecting the report to show that employers added only 185,000 jobs in the month and the unemployment rate to remain 8.8%.
The price on the benchmark 10-year U.S. Treasury gained slightly, pushing the yield down to 3.16% from 3.17% Thursday. Treasury prices and yields move in opposite directions.
Oil for June delivery faded $1.92 on the day to $97.88 U.S. a barrel.
But some metals showed some signs of life Friday, with gold advancing $10.40 to $1,491.70 U.S. an ounce and copper up 3%. However, silver was down 3% to $35.21 an ounce.
