September 6, 2013 / 9:16 PM / 6 years ago

CANADA STOCKS-TSX slips on U.S. jobs data, but gains on week

* TSX falls 24.14 points, or 0.19 percent, to 12,820.92
    * Eight of the 10 main index sectors decline
    * TD Bank has biggest negative influence on the market
    * Gold miners gain with bullion price

    By John Tilak
    TORONTO, Sept 6 (Reuters) - Canada's main stock index
dropped on Friday with financial and telecoms shares leading the
fall as worries about the Syrian conflict hit sentiment and
disappointing U.S. jobs data signaled an uneven recovery in the
world's biggest economy.
    The sluggish U.S. data did lessen fears of an immediate
pullback in stimulus measures by the U.S. central bank. That
lifted the price of bullion, which is seen as a safe-haven trade
during tough economic times, and gold-mining stocks rose as a
    Friday's fall followed three straight sessions of gains and
the Toronto stock market's benchmark index recorded a weekly
gain of 1.3 percent.
    Market caution over Syria persisted as U.S. President Barack
Obama resisted pressure to let go of plans for air strikes
against Syria and enlisted the support of 10 fellow leaders for
a "strong" response to a chemical weapons attack.
    U.S. jobs growth missed expectations in August, while the
unemployment rate hit a 4-1/2-year low - but that was because
more Americans gave up the search for work - complicating the
U.S. Federal Reserve's decision on whether to begin trimming its
bond-buying program later this month. 
    "It shows the economy has got a pulse, but it's a very
feeble pulse," John Ing, president of Maison Placements Canada,
said of the jobs report.
    Investors have been dissecting every piece of U.S. economic
data to try to determine when the Fed will begin dialing back
its asset purchases. The Fed meets later in the month to discuss
monetary policy.
    "The advocates of a more accommodating policy are going to
have more ammunition going into the meeting this month, to
potentially postpone the timing of the taper," said Stephen
Wood, chief market strategist, North America, at Russell
    "The certainty the market had about the September time frame
for taper became less certain," he added.
    The Toronto Stock Exchange's S&P/TSX composite index
 closed down 24.14 points, or 0.19 percent, at
    Eight of the 10 main sectors on the index were in the red.
    Financials, the index's most heavily weighted sector,
slipped 0.2 percent. Toronto-Dominion Bank lost 0.5
percent to C$91.16 and had the biggest negative influence on the
index. Manulife Financial Corp gave back almost 1
percent to C$17.70. 
    Telecom stocks dropped 1.1 percent, with Telus Corp 
falling 1.8 percent to C$33.31.
    Industrials stumbled 0.5 percent. Canadian Pacific Railway
Ltd shed 1.2 percent to C$126.06, and Canadian National
Railway Co fell 0.5 percent to C$100.33.
    Valeant Pharmaceuticals International Inc dropped
0.5 percent to C$104.36, taking the healthcare sector down 0.4
    The materials sector, which includes mining stocks, advanced
0.6 percent, with a 1.2 percent rise in the bullion price
boosting gold producers. Among them, Goldcorp Inc added
0.2 percent to C$30.55.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below