Stocks in Canada’s largest centre got November off to a roaring start with healthy gains, powered by energy and industrial concerns.
The TSX Composite Index gained 110.91 points to 16,594.07
The Canadian dollar regained 0.13 cents to 76.07 cents U.S.
In the energy sector, Baytex Energy climbed 12 cents, or 8.2%, to $1.59, while MEG Energy jumped 39 cents, or 7.7%, to $5.45.
In industrials, Bombardier leaped 15 cents, or 9%, to $1.81, while SNC Lavalin triumphed $1.12, or 4.7%, to $24.93.
In tech stocks, Kinaxis jumped $11.66, or 13.9%, to $95.77, after the company reported upbeat third-quarter results. BlackBerry hurtled higher 31 cents, or 4.5%, to $7.23
Among those groups that faltered, Detour Gold’s loss of 73 cents, or 3.3%, to $21.14, while Kirkland Lake Gold dived $1.40, or 2.3%, to $60.45
In other resource stocks, Pretium Resources ducked 80 cents lower, or 6%, to $12.47. SSR Mining fell 36 cents, or 1.9%. to $19.12.
In utilities, Transalta slipped eight cents, or 1% $7.70, while Altagas doffed 16 cents to $19.00
In the economic docket, the IHS Markit Canada Manufacturing Purchasing Managers’ index, a measure of manufacturing business conditions, rose to a seasonally adjusted 51.2 in October, its highest level since February, from 51.0 in September. A reading above 50 shows expansion in the sector.
ON BAYSTREET
The TSX Venture Exchange hiked 3.12 at 541.49
Seven of the 12 Toronto subgroups were positive on the day, with energy gushing 3.2%, industrials popping 1.3%, and information technology better by 1.2%.
The five laggards were weighed most by gold, down 1.3%, materials, shedding 0.5%, and utilities, fading 0.2%.
ON WALLSTREET
Stocks rose sharply on Friday as investor sentiment got a lift from much stronger-than-expected U.S. jobs data.
The Dow Jones Industrial Average hiked 270.04 points, or 1%, to 27,316.27
The S&P 500 spiked 29.35 points, or nearly 1%, to 3,066.91, a fresh record high.
The NASDAQ Composite Index popped 94.04 points, or 1.1%, to 8,386.40, also an all-time high. Apple shares rose more than 2% to a record high, lifting the tech-heavy index.
Exxon Mobil was the best-performing stock in the Dow on the back of stronger-than-forecast quarterly results. The stock gained 3%. The industrials and financials sectors both rose around 1%.
U.S. Steel shares rose around 14.8% after the company posted Thursday afternoon a smaller-than-expected quarterly loss. Qorvo also reported better-than-expected results and issued strong guidance for the current quarter, sending its stock up more than 20%.
Around 70% of S&P 500 companies have reported quarterly numbers thus far. Of those companies 75% have reported better-than-expected earnings.
The U.S. economy added 128,000 jobs in October, the Labor Department said Friday. Economists polled by Dow Jones expected a gain of 75,000 jobs for the previous month. October jobs growth easily beat estimates despite a decline of 42,000 jobs in the autos sector due to a General Motors strike that has now been settled.
Jobs growth data for September and August was also revised substantially higher. September’s number was revised up to 180,000 from 136,000. August jobs growth was revised to 219,000 from 168,000.
Other data released Friday included the Institute for Supply Management’s reading on October U.S. manufacturing. The ISM’s manufacturing PMI came in at 48.3, representing a bigger-than-expected contraction in the sector.
However, some of the survey’s internal components showed improvement, stemming offsetting the disappointing headline number. U.S. manufacturing fell to its lowest level in a decade in September amid lingering worries around U.S.-China trade talks.
Prices for the benchmark 10-year U.S. Treasury sagged, raising yields to 1.72% from Thursday’s 1.68%. Treasury prices and yields move in opposite directions.
Oil prices restored $1.88 to $56.06 U.S. a barrel.
Gold prices eked up 30 cents to $1,515.10 U.S. an ounce.
Strong Jobs Numbers Propels Indices Forward
