CANADA STOCKS-TSX steady after U.S., Canadian jobs data

Fri Jun 6, 2014 10:35am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

* TSX up 4.83 points, or 0.03 percent, at 14,805.01
    * Six of 10 main index sectors advance
    * Mining shares slip with bullion, copper prices

    By John Tilak
    TORONTO, June 6 (Reuters) - Canada's main stock index was
little changed on Friday as investors digested a bullish U.S.
jobs report and disappointing Canadian labor data, with gains in
energy and bank shares offset by weakness in the materials
    The Toronto market, which hit a near six-year high earlier
this week, is up about 8.7 percent this year.
    Downbeat Canadian jobs and productivity data indicated that
the economy was still struggling to recover fully.
    Figures showed that U.S. employers kept up a solid pace of
hiring in May, returning employment to pre-recession levels and
confirming the economy's rebound from a winter slump.
    The latest wave of economic data comes on the heels of the
European Central Bank's move to cut rates to record lows, and
investors were looking to process what that might mean for the
U.S. Federal Reserve's monetary stimulus program.
    "The takeaway from this data is that they are not going to
change the Fed's policy task," said Stephen Wood, chief market
strategist, North America, at Russell Investments. "We can
expect the extraordinary quantitative easing will be tapered on
    "With the European Central Bank's announcement yesterday,
we're officially in a global monetary easing environment," he
    "The top story of 2014" will be about the prospect of higher
interest rates and "the interest rate environment as a function
of not only Fed policy, but a function of an improving economy,
a glacially improving labor market and stabilization in wages,"
Wood said.
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 4.83 points, or 0.03 percent, at 14,805.01. Six
of the 10 main sectors on the index were higher.
    Shares of energy producers added 0.2 percent. Suncor Energy
Inc climbed 0.9 percent to C$42.80, and Canadian Natural
Resources Ltd rose 0.7 percent to C$45.80.
    Financials, the index's most heavily weighted sector, were
up slightly, with Toronto Dominion Bank gaining 0.4
percent to C$54.77.
    The materials sector, which includes mining stocks, slipped
1 percent, reflecting weakness in the prices of gold and copper.
Goldcorp Inc lost 1.9 percent to C$24.98, and Teck
Resources Ltd declined 2.2 percent to C$23.55.

 (Editing by Meredith Mazzilli)