CANADA STOCKS-TSX shrugs off weak jobs data, ends higher

Fri Jun 5, 2009 5:00pm EDT
 
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* TSX rises 92 points to 10,569.29

* Ends week with gain of 1.9 percent

* Energy and bank shares lead rally (Adds details and comments)

By Frank Pingue

TORONTO, June 5 (Reuters) - Toronto's main stock index shrugged off weak Canadian jobs data and closed higher on Friday, posting its third straight week of gains, as energy and financial issues rose.

Shares of energy companies did much of the lifting as oil prices rallied to a seven-month high above $70 a barrel before retreating slightly.

That helped boost shares of Suncor Energy (SU.TO: Quote) by 2.6 percent to C$38.47, while Petro-Canada PCA.TO shares ended 2.7 percent higher at C$48.43. The TSX index's energy sector ended the session up 1.4 percent.

The higher close came after a report that showed that unemployment in Canada reached an 11-year high in May, while the economy shed more jobs than expected. [ID:N05253705] Earlier in the week, another report showed the economy contracted for a second straight quarter in the first quarter.

"Eventually those have got to turn positive, meaning you will create jobs ... and there will positive economic growth, which looks likely in the third quarter," said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier.   Continued...