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CANADA STOCKS-TSX jumps after jobs data; energy and bank stocks lead

Published 2016-07-08, 10:55 a/m
© Reuters.  CANADA STOCKS-TSX jumps after jobs data; energy and bank stocks lead
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(Adds details on jobs reports; updates prices with early trade)
* TSX up 146.48 points, or 1.04 percent, at 14,280.94
* Six gainers for every decliner; 6 sectors up more than 1
pct

TORONTO, July 8 (Reuters) - Canada's main stock index rose
on Friday as heavyweight financial and energy stocks gained
after U.S. jobs growth accelerated rapidly in June while
Canadian job growth stalled and fewer people sought work.
The gains were broad and significant with six of the index's
10 main sectors notching gains of more than 1 percent as
investors focused on the bumper number from the much larger
economy of the United States, Canada's main trading partner.
There were five gainers for every decliner.
The index was on track for a 1.5 percent gain from last
Thursday's close. Canada's markets were closed last Friday.
At 10:21 a.m. EDT (1421 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was up 146.48 points, or 1.04
percent, at 14,280.94.
The most influential gainers included Canadian National
Railway Co CNR.TO , which rose 2.1 percent to C$78.39, and its
rival Canadian Pacific Ltd CP.TO , which advanced 2.5 percent
to C$173.65.
Railway earnings are linked to the performance of the
broader economy, rising as growth boosts demand for raw
materials and consumer goods.
The U.S. economy posted its largest job gains in eight
months, but the Statistics Canada jobs data released on Friday
underlined the challenges facing an economy trying to adjust to
weak oil prices that have depressed demand and led to layoffs in
the energy industry.
Still, industrials rose 1.6 percent, the energy group
climbed 1.2 percent, and financials gained 1.4 percent.
Royal Bank of Canada RY.TO added 1.5 percent to C$77.88,
Toronto-Dominion Bank TD.TO advanced 1.1 percent to C$55.46
and Bank of Nova Scotia BNS.TO rose 1.5 percent to C$63.82.
Insurers also rose, with Manulife Financial MFC.TO up 1.6
percent to C$17.18 and Sun Life Financial SLF.TO 2 percent
higher at C$41.58. Brookfield Asset Management BAMa.TO gained
2.3 percent to C$44.3.
Crude prices bounced back from two-month lows but benchmark
Brent was on course for its largest weekly decline since January
as economic worries weigh on oil. O/R
Canada's largest oil and gas producer Suncor Energy Inc
SU.TO gained 1.4 percent to C$36.58, and Canadian Natural
Resources CNQ.TO advanced 1.3 percent to C$40.055.

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