TSX gains with commodities after U.S. jobs miss
By Alastair Sharp
TORONTO (Reuters) - Canada's main stock index pushed higher on Friday with mining and energy stocks big beneficiaries of a weaker-than-expected U.S. jobs report that weighed on the U.S. dollar and, in turn, boosted commodity prices.
The heavyweight energy group climbed 1.2 percent as crude settled up nearly 3 percent, after slower U.S. employment growth knocked investor expectations that the Federal Reserve might hike interest rates this month.
"The September rate hike assumption is now off the table, so it's put some pressure on the U.S. dollar which gave the market a little bit more of a lift towards the commodities, particularly gold," said Sid Mokhtari, market technician and director of institutional equity research at CIBC World Markets.
Goldcorp Inc rose 2 percent to C$20.83, Barrick Gold Corp advanced 1.2 percent to C$23.59, and smaller Yamana Gold Inc jumped 6.6 percent to C$5.94.
The materials group, which includes base metals miners and fertilizer companies as well as gold miners, added 2.4 percent. [GOL/][MET/L]
The Toronto Stock Exchange's S&P/TSX composite index closed up 111.79 points, or 0.76 percent, at 14,795.70. It gained 1.1 percent over the week, its biggest weekly gain since mid-July.
All 10 main index groups ended higher, with almost five risers for every falling stock.
The most influential movers included Suncor Energy Inc, which rose 1.2 percent to C$35.63, and Canadian Natural Resources Ltd, which advanced 1.4 percent to C$41.36. Continued...