August 5, 2016 / 2:31 PM / in a year

CANADA STOCKS-TSX rises as Magna jumps, U.S. jobs data boosts sentiment

(Adds details on earnings, data; updates prices)

* TSX up 80.28 points, or 0.55 percent, to 14,609.06

* Eight of the TSX’s 10 main groups move higher

TORONTO, Aug 5 (Reuters) - Canada’s main stock index rose on Friday, helped by an earnings beat and improved forecast from car parts maker Magna International Inc and as strong U.S. jobs data overshadowed dismal Canadian trade and employment numbers.

Magna rose 5.1 percent to C$52.42 after its profit topped expectations and it raises its earnings forecast.

Plane and train maker Bombardier Inc fell 1 percent to C$1.97 after reporting a slightly bigger-than-expected quarterly loss.

At 10:05 a.m. EDT (1405 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 80.28 points, or 0.55 percent, to 14,609.06. It was on track for a marginal gain on the week.

Eight of the index’s 10 main groups were in positive territory, with its resource sectors weighing.

Canadian National Railway Co advanced 1.8 percent to C$81.88 and rival Canadian Pacific Railway Ltd advanced 2.2 percent to C$190.77.

Canada’s trade gap unexpectedly widened to a record deficit in June as imports of motor vehicles and parts jumped, while the economy also surprisingly shed 31,200 jobs last month.

Data showed that U.S. employment increased more than expected in July and wages picked up, which should bolster expectations of an acceleration in economic growth in Canada’s largest trading partner and a rate increase by the U.S. Federal Reserve.

Canada’s consumer groups were higher, with staples up 0.9 percent and discretionary gaining 1.9 percent.

The energy sector was flat, while financials gained 0.9 percent. Industrials rose 1.2 percent.

The materials group, which includes precious and base metals miners and fertilizer companies, lost 1.2 percent as gold prices fell after the U.S. data.

Barrick Gold Corp slumped 2.2 percent to C$28.47, Goldcorp Inc lost 2.1 percent to C$23.01, and Kinross Gold Corp declined 3.0 percent to C$6.955.

Sierra Wireless Inc tumbled 15 percent to C$19.05 as a string of analysts cut their price targets on the stock after the company lowered its full-year outlook. (Reporting by Alastair Sharp; Editing by Jeffrey Benkoe)

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