CANADA STOCKS-TSX taps 2-year high after U.S. jobs data

Fri Nov 5, 2010 4:41pm EDT
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   * TSX ends up 46.32 points at 12,925.11
 * Highest close since Sept. 3, 2008
 * U.S. jobs jump, Canadian data shows strength
 (Updates to close, adds quote)
 By Jennifer Kwan
 TORONTO, Nov 5 (Reuters) - Toronto's main stock index ended
at its highest level in more than two years on Friday after
jobs data from the United States, Canada's biggest trading
partner, surpassed market expectations.
 The U.S. economy added many more jobs than expected last
month, and this helped boost commodities in a week in which the
U.S. Federal Reserve said it would launch a $600 billion
program to buy government bonds to stimulate the ailing U.S.
economy. [ID:nN04265378]
 "We're starting to see some not insignificant job growth
south of the border so that was the big news of the day, and
obviously the market was watching that like a hawk," said Paul
Taylor, chief investment officer at BMO Harris Investment
Management Inc.
 Recent U.S. economic data, including Friday's 151,000-job
gain in October, has been healthier than expected and this has
raised the possibility that the Fed may not have to do as much
as thought to shore up the economy.
 Investors looked past a poor headline figure on Canada's
own employment figures, which showed a rise of just 3,000 jobs
in October [ID:nN05281844], and pushed the Canadian dollar to
parity with the U.S. currency. The underlying details of the
Canadian report were seen a being more favorable for a
sustainable economic recovery. [CAD/]
 The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE soared above 13,000 during the day, but trimmed gains
to finish the session up 46.32 points, or 0.36 percent, at
12,925.11. That is the index's highest closing level since
Sept. 3, 2008.
 The TSX index was up 2 percent for the week.
 Six of the index's 10 main sectors were higher, led by the
financials and the materials groups, which were up 0.8 percent
and 0.6 percent, respectively.
 Manulife Financial (MFC.TO: Quote), the most heavily traded stock
on the market, climbed 4.8 percent to C$14.79. It extended
gains to a third session, as several analysts boosted price
targets on the country's biggest insurer a day after it
reported a smaller than expected loss. [ID:nN04213369]
 Big gainers in the materials group included Teck Resources
TCKb.TO up 4 percent at C$49.71, and First Quantum Minerals
(FM.TO: Quote), which rose 3.3 percent to C$95.36.
 ($1=$1.00 Canadian)
 (Reporting by Jennifer Kwan; editing by Rob Wilson)