CANADA STOCKS-TSX gains as fears ease after U.S. jobs data

Fri Sep 3, 2010 4:39pm EDT
 
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* TSX up 33.83 points, or 0.28 percent, at 12,144.92

* Financials lead 8 of 10 main index sectors higher

* U.S. jobs data eases fears of double-dip recession (Updates to close, adds quote)

By Jennifer Kwan

TORONTO, Sept 3 (Reuters) - Toronto's main stock index notched its eighth straight session in the black on Friday as a stronger than expected U.S. employment report eased fears about a sputtering recovery.

Toronto followed U.S. equities higher after data showed U.S. nonfarm employment fell less than forecast in August, while private payrolls growth was higher than expected. [ID:nN02227856] [.N]

Financials, often a play on the health of the economy, led eight of the TSX's 10 main groups higher with an 1.3 percent advance. Toronto-Dominion Bank (TD.TO: Quote) rose 1.7 percent to C$74.40, while Royal Bank of Canada (RY.TO: Quote) climbed 1 percent to C$52.80. Insurer Manulife (MFC.TO: Quote) surged 2.9 percent to C$13.23.

"Jobs numbers in the United States were better than expected. Not great, but still better," said Aaron Fennell, senior market strategist at Lind-Waldock Canada. "I think that implies to the market that the recovery is a little bit stronger than otherwise thought."

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE finished the session up 33.83 points, or 0.28 percent, at 12,144.92, near its day's peak of 12,197.89.   Continued...