Markets

TSX gains on positive monthly jobs data

  • The country added 245,800 jobs in August, most of them full-time, and the unemployment rate fell to 10.2%.
  • The energy sector fell 0.28% as US crude prices were down 1.79% a barrel, while Brent crude lost 1.5%.
Published September 4, 2020

Canada's main stock index rose on Friday as domestic jobs rose for the fourth straight month in August and the unemployment rate fell, adding to hopes of recovery as coronavirus-led curbs continue to ease.

The country added 245,800 jobs in August, most of them full-time, and the unemployment rate fell to 10.2%. Analysts polled by Reuters had predicted a gain of 275,000 jobs and unemployment rate falling to 10.1% from 10.9% in July.

At 9:43 a.m. ET (1343 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 25.79 points, or 0.16%, at 16,474.68.

The financials sector gained 1.2%, boosted by Laurentian Bank of Canada, which jumped 5.7% after the lender beat both revenue and profit estimates for the third quarter.

The energy sector fell 0.28% as US crude prices were down 1.79% a barrel, while Brent crude lost 1.5%.

The materials sector, which includes precious and base metals miners and fertilizer companies, lost 1.3% as gold futures fell 0.4% to $1,919.7 an ounce.

On the TSX, 147 issues were higher, while 69 issues declined for a 2.13-to-1 ratio favouring gainers, with 22.63 million shares traded.

The second-biggest gainer on the index was First Quantum Minerals Ltd, which rose 3.4%.

Equinox Gold Corp fell 5%, the most on the TSX, after the gold miner said it was suspending activity at the Los Filos Mine in Mexico, while Centerra Gold Inc was down 3.6%.

The most heavily-traded shares by volume were Suncor Energy Inc, Crescent Point Energy Corp and Ivanhoe Mines Ltd.

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

Across all Canadian issues, there were three new 52-week highs and no new lows, with a total volume of 36.07 million shares.

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