TSX gains on job additions, strong earnings

Canada's main stock index rose on Friday, boosted by data showing the country added more jobs in October and strong earnings from Magna International Inc and Enbridge Inc.

Canada added 83,600 jobs in October and the unemployment rate dipped to 8.9%, data showed. However, analysts had predicted a gain of 100,000 jobs and for the unemployment rate to fall to 8.8% from 9% in September.

At 9:47 a.m. ET (1447 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 27.38 points, or 0.17%, at 16,325.55.

The materials sector added 0.2% after gold futures rose as increasing chances of a Joe Biden victory in the US presidential election boosted hopes for a larger coronavirus relief bill.

Shares of Magna rose 4% after the auto parts maker posted better-than-expected earnings, while pipeline operator Enbridge reported a 4.3% rise in quarterly profit helping its shares rise about 0.5%.

The largest percentage gainers on the TSX were pot producer Aurora Cannabis Inc, which jumped 41.1%, and Jamieson Wellness Inc, which rose 9.3%, after multiple brokerages raised their price target on its stock.

On the TSX, 125 issues were higher, while 91 issues declined for a 1.37-to-1 ratio favouring gainers, with 30.72 million shares traded.

Kinaxis Inc fell 4.8%, the most on the TSX, after Scotiabank cut its price target of the IT service provider's stock.

The second biggest decliner was Ballard Power Systems Inc down 4.8% after the fuel-cell products developer posted downbeat third-quarter earnings.

The most heavily traded shares by volume were Aurora Cannabis Inc, Enbridge Inc and Hexo Corp .

The TSX posted 13 new 52-week highs and no new low.

Across all Canadian issues there were 31 new 52-week highs and no new low, with total volume of 59.98 million shares.