TSX climbs on U.S. jobs data, records weekly gain

Fri Nov 8, 2013 5:00pm EST
 
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By John Tilak

TORONTO (Reuters) - Canada's main stock index rose on Friday after data showing a surprise acceleration in U.S. jobs growth fueled strong gains in financial and energy shares.

The market was also supported by a jump in Talisman Energy Inc TLM.TO after the oil producer said it would sell a stake in its natural gas assets in British Columbia's Montney field to Malaysia-controlled Progress Energy Canada Ltd for C$1.5 billion ($1.44 billion).

Jobs growth in the United States unexpectedly picked up in October despite the federal government shutdown that month, suggesting the U.S. budget standoff had a more limited impact on the economy than initially thought.

The employment figure, however, also raised market anxiety that the U.S. Federal Reserve might scale back its stimulus program sooner than expected.

While those concerns made investors pull back earlier in the day, they later brushed aside worries about the Fed.

"There's so much pent-up demand in the market right now that investors can drive it up despite the fear of tapering," said Keith G. Richards, portfolio manager and technical analyst at ValueTrend Wealth Management.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closed up 84.13 points, or 0.63 percent, at 13,378.33. The index recorded a gain of 0.3 percent on the week.

The Canadian benchmark index has added about 5.4 percent in the past month.   Continued...

 
A general view of the TSX (Toronto Stock Exchange) Broadcast Centre in Toronto June 20, 2008. REUTERS/Mark Blinch