Canada's main stock index hit a one-month high on Friday after better-than-expected employment data underscored a consistent economic recovery from the coronavirus, while elevated gold and base metal prices also helped.
The TSX gained 18.97 points to begin the week’s last session at 16,553.51.
The Canadian dollar added 0.2 cents to 76.01 cents U.S.
The largest percentage gainer on the TSX was Dundee Precious Metal, which jumped 64 cents, or 6.6%, to $10.36, after posting consistent third-quarter production numbers and reiterating its annual guidance.
NFI Group fell 61 cents, or 3.5%, to $16.86, after National Bank of Canada cut the stock's target price.
TD Securities raised the target price on Advantage Oil & Gas to $3.00 from $2.75. Advantage Oil shares gave back five cents, or 2.6%, to $1.88.
JP Morgan established the price target on Canadian National Railway at $154.00. CN chugged along 32 cents to $144.71.
National Bank of Canada raised the rating on Cargojet to outperform from sector perform. Shares in Cargojet jumped $8.43, or 4%, to $222.00.
On the economic docket, Statistics Canada reported that, following an increase of 246,000, or 1.4% in August, employment rose by 378,000, or 2.1%, in September. The unemployment rate declined 1.2 percentage points to 9.0% in September, down from the peak of 13.7% in May.
ON BAYSTREET
The TSX Venture Exchange added 8.82 points, or 1.2%, to 724.16.
Seven of the 12 TSX subgroups were positive in the first hour, led by gold, ahead 2.4%, materials, better by 2%, and information technology, clicking higher 0.6%.
The five laggards were weighed most by energy, down 1.3%, communications, sliding 0.7%, and financials, off 0.4%.
ON WALLSTREET
U.S. stocks rose early Friday as Wall Street continued to search for clarity surrounding a new potential stimulus bill.
The Dow Jones Industrial Average gained 61.53 points to 28,487.04.
The S&P 500 added 14.49 points to 3,461.32.
The NASDAQ advanced 78.17 points to 11,499.15.
The Dow ended Thursday’s session at its highest level since early September, rising more than 100 points. The NASDAQ gained 0.5% and the S&P 500 outperformed with a 0.8% advance.
Those gains left the Dow and S&P 500 on pace for their second straight weekly climb. The NASDAQ was headed for a three-week winning streak. Week to date, the Dow has taken on 2.7%, and the S&P 500 is 2.9%. The NASDAQ is up more than 3% in that time.
Cruise operator stocks jumped after the White House announced Vice President Mike Pence will meet with industry officials later in the day.
Carnival sailed higher 1.3%, and Norwegian Cruise Line shares were up 0.7%. Royal Caribbean gained 0.8%.
Prices for the 10-Year Treasury moved higher, lowering yields to 0.76% from Thursday’s 0.77%. Treasury prices and yields move in opposite directions.
Oil prices fell 17 cents to $41.02 U.S. a barrel.
Gold prices spiked $37.70 to $1,932.80 U.S. an ounce.
