TORONTO, Oct 9 (Reuters) - Toronto’s main stock index could start the session lower on Friday as a pullback in commodity prices may weigh on the resource-heavy index after a string of four straight big gains.
Still, any pullback could be limited since investors were treated earlier to domestic jobs data that showed the economy generated six times the number of jobs than had been expected for September.
Much of the gains during the past four sessions have been driven by the TSX’s influential energy and gold-mining players as prices for oil and gold rallied. But those prices have since retreated and that could force the resource players to relinquish some of their gains.
The S&P/TSX composite index .GSPTSE rose 134.63 points, or 1.19 percent, to 11,484.51 on Thursday, which marked its fourth straight triple-digit gain.
Here is some news that could affect the market:
GOLD TURNS LOWER
Gold eased in Europe on Friday, consolidating after hitting record highs for three straight sessions, as an indication from the U.S. Federal Reserve chief that monetary policy may be tightened lifted the dollar. [GOL/]
Oil fell towards $71 a barrel on Friday, trimming a 3 percent gain in the previous session, as a bounce in the dollar outweighed a more positive demand outlook from the International Energy Agency. [O/R]
Canadian employers hired six times more workers than expected in September, knocking down the unemployment rate for the first time since July 2008 in another sign the economy is rebounding from a deep recession. [ID:nN09253705]
MDS INC MDS.TO
Health sciences company MDS Inc on Friday said it agreed to sell its Central Labs operations to private investment group Czura Thornton for about $8 million. [ID:nBNG157626]
Canadian retailer Dollarama Inc backed by private equity firm Bain Capital, priced its initial public offering of 17.14 million shares at C$17.50 ($16.60) a share, on the Toronto Stock Exchange. [ID:nBNG434309]
AMICA MATURE LIFESTYLES INC ACC.TO
Amica Mature Lifestyles Inc posted a small first-quarter loss due to investments to acquire ownership interests in certain co-tenancies, and said its chief financial officer resigned for personal reasons. [ID:nBNG493908]
Following is a summary of research actions on Canadian companies reported by Reuters. For more, please double click [RCH/CA]
* Dundee raises Labopharm DDS.TO price target 72 percent to C$2.50.
* Raymond James raises Stornoway Diamond (SWY.TO) price target 40 percent to 28 Canadian cents.
* Raymond James raises Uranium One UUU.TO to “outperform” rating from “market perform” and hikes price target 48 percent to C$4.30. (Editing by Jeffrey Hodgson)