4 Min Read
* TSX up 15.42 points, or 0.12 percent, at 13,178.95
* Royal Bank of Canada slides as results disappoint
* Weak U.S. dollar helps push up oil, gold (Adds company details)
By Jennifer Kwan
TORONTO, Dec 3 (Reuters) - Toronto's main stock index rose for a fifth straight session on Friday as a weak U.S. dollar pushed up commodity prices, but soft quarterly results from Royal Bank of Canada (RY.TO) crimped the gain.
Gold-mining stocks were among the big risers. Barrick Gold (ABX.TO) rose 1.2 percent to C$54.22, while Kinross Gold (K.TO) rallied 3 percent to C$18.79 as gold prices jumped to above $1,400 an ounce as weak U.S. jobs data cast doubt on the strength of the economic recovery. [GOL/]
Suncor Energy (SU.TO) climbed 1.5 percent to C$36.24 and Encana (ECA.TO) climbed 0.7 percent to C$28.64 as oil prices rallied for a third day on Friday, boosted in part by a weaker U.S. dollar. [O/R] [FRX/]
Gains were hindered by the index's weak financials, which finished down 0.8 percent.
Royal Bank reported a drop in quarterly profit on higher costs, lower trading revenues and weakness at its U.S. retail bank. Shares of the country's biggest bank skidded 4.4 percent to C$53.25. [ID:nN03286521]
Bruce Latimer, trader at Dundee Securities, said the market's largely subdued performance reflected an investor pause after four days of gains.
"The market had a good rally the first two days of December so I think we're just sort of digesting and consolidating those gains," he said.
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended the session up 15.42 points, or 0.12 percent, at 13,178.95. It gained 2 percent on the week.
The blue chip S&P/TSX 60 index .TSE60 closed 0.97 of a point lower at 752.21.
Bucking the trend in the financials sector was Bank of Nova Scotia (BNS.TO), which climbed 3.1 percent to C$55.63 after it reported a quarterly profit that rose 21 percent. [ID:nN01163503]
Toronto stocks moved in tandem with U.S. equities, which also finished the day slightly higher.
U.S. jobs data kept the U.S. stock market move in check. U.S. employment barely rose in November and the jobless rate unexpectedly hit a seven-month high, disappointing those who had thought the U.S. economy was accelerating after a soft patch in the summer. [.N] [ID:nN02238002]
In Canada, the employment numbers were also disappointing with fewer than expected jobs created in November. The unemployment rate fell but that was attributed to more youth leaving the job market. [ID:nN03271210]
Noticeable movers on the TSX market included Canadian Oil Sands Trust COS_u.TO, which plunged 11.8 percent to C$25.05 after the largest owner of the Syncrude Canada oil sands joint venture said its payout could drop by more than half after it converts to a traditional corporation. [ID:nN03145188]
Western Coal WTN.TO was the most heavily traded stock on the market, up 12.6 percent to C$11.60. U.S.-based Walter Energy Inc WLT.N said on Friday it will buy Canada's Western Coal in a C$3.3 billion deal that will put it on track to becoming the world's No. 3 producer of steel-making metallurgical coal at a time of booming demand. [ID:nLDE6B20EU]
$1=$1.00 Canadian Reporting by Jennifer Kwan; editing by Peter Galloway