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TSX gains on job additions, strong earnings

(Reuters) - Canada’s main stock index rose on Friday, boosted by data showing the country added more jobs in October and strong earnings from Magna International Inc and Enbridge Inc.

FILE PHOTO: The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. REUTERS/Chris Helgren

* Canada added 83,600 jobs in October and the unemployment rate dipped to 8.9%, data showed. However, analysts had predicted a gain of 100,000 jobs and for the unemployment rate to fall to 8.8% from 9% in September.

* At 9:47 a.m. ET (1447 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 27.38 points, or 0.17%, at 16,325.55.

* The materials sector added 0.2% after gold futures rose as increasing chances of a Joe Biden victory in the U.S. presidential election boosted hopes for a larger coronavirus relief bill. [GOL/]

* Shares of Magna rose 4% after the auto parts maker posted better-than-expected earnings, while pipeline operator Enbridge reported a 4.3% rise in quarterly profit helping its shares rise about 0.5%.

* The largest percentage gainers on the TSX were pot producer Aurora Cannabis Inc, which jumped 41.1%, and Jamieson Wellness Inc, which rose 9.3%, after multiple brokerages raised their price target on its stock.

* On the TSX, 125 issues were higher, while 91 issues declined for a 1.37-to-1 ratio favouring gainers, with 30.72 million shares traded.

* Kinaxis Inc fell 4.8%, the most on the TSX, after Scotiabank cut its price target of the IT service provider’s stock.

* The second biggest decliner was Ballard Power Systems Inc down 4.8% after the fuel-cell products developer posted downbeat third-quarter earnings.

* The most heavily traded shares by volume were Aurora Cannabis Inc, Enbridge Incand Hexo Corp.

* The TSX posted 13 new 52-week highs and no new low.

* Across all Canadian issues there were 31 new 52-week highs and no new low, with total volume of 59.98 million shares.

Reporting by Amal S in Bengaluru; Editing by Amy Caren Daniel

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