TSX set for best week in 3 months despite grim jobs data

Canada's main stock index hit a record high on Friday, supported by energy stocks and was set to clock its best week since November, offsetting concerns about worse-than-expected domestic jobs data for January.

Oil hit its highest in a year, closing in on $60 a barrel, supported by economic revival hopes and supply curbs by producer group OPEC and its allies.

The energy sector climbed 0.9% as US crude prices were up 1.8% a barrel, while Brent crude added 1.6%.

At 9:41 a.m. ET (1441 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 74.29 points, or 0.41%, at 18,116.26.

Canada lost far more jobs than expected in January, with the declines driven by the service sector's positions in populous Ontario and Quebec, while the unemployment rate rose sharply to 9.4%, Statistics Canada data showed.

The financials sector gained 0.4%, while industrials rose 0.5%.

The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.5% as gold futures rose 0.6% to $1,799.6 an ounce.

On the TSX, 146 issues were higher, while 57 issues declined for a 2.56-to-1 ratio favouring gainers, with 22.04 million shares traded.

The largest percentage gainers on the TSX were Eldorado Gold Corp, which jumped 7.3% after signing a revised contract with Greece to govern further development, construction and operation of its Kassandra Mines.

Interfor Corporation, which rose 4.6% after reporting strong fourth-quarter results.

• Canopy Growth Corp fell 2.7%, the most on the TSX. The second-biggest decliner was Intertape Polymer Group Inc , down 2.5%.

The most heavily traded shares by volume were Supreme Cannabis Co, Enbridge Inc and Athabasca Oil Corp.

The TSX posted six new 52-week highs and no new lows.

Across all Canadian issues, there were 104 new 52-week highs and five new lows, with total volume of 51.88 million shares.