Toronto stocks rise on jobs data, takeover talk

Fri Dec 7, 2007 9:42am EST
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TORONTO Dec 7 (Reuters) - The Toronto Stock Exchange's main index advanced early on Friday after Canadian and U.S. jobs data eased concerns over a possible recession, and European takeover talk lifted Canadian mining firms.

The S&P/TSX composite index .GSPTSE rose 39.62 points, or 0.3 percent, to 13,889.42 immediately after trading began.

Early data showed that Canada added four times more jobs in November than analysts had expected while the United States, its biggest trading partner, added slightly more than expected in the month. The figures were seen to point to a modest U.S. interest rate cut next week.

Elsewhere, takeover speculation appeared to grip TSX mining stocks after European stock traders cited talk of a blockbuster takeover bid by Anglo American AAL.L for rival Xstrata XTA.L.

The mining subsector was up 1.5 percent, while the broader materials sector rose 0.2 percent. The influential financial services sector added 0.6 percent.

Xstrata bought Canada's Falconbridge last year.

($1=$1 Canadian) (Reporting by Jonathan Spicer; editing by Janet Guttsman)