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TSX hits 3-month high on better-than-expected jobs data, oil price rise

Published 2020-06-05, 10:24 a/m
© Reuters.
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June 5 (Reuters) - Canada's main stock index hit a three-month high on Friday, helped by tentative signs of a rebound in domestic employment rate and energy stocks that gained on a jump in oil prices.

* At 9:44 a.m. ET (13:44 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 308.13 points, or 1.98%, at 15,836, its highest since March 6.

* The nation gained 289,600 jobs surprisingly in May while analysts were expecting job losses, even as the unemployment rate reached a record high of 13.7%, data showed on Friday. The energy sector .SPTTEN climbed 6.8% as U.S. crude CLc1 prices were up 4.1% a barrel, while Brent crude LCOc1 added 4.7%. O/R

* OPEC and its allies led by Russia will meet on Saturday to discuss extending record oil production cuts and to push laggards such as Iraq and Nigeria to comply with existing curbs. The financials sector .SPTTFS gained 3.6*. The industrials sector .GSPTTIN rose 2.2%.

* The materials sector .GSPTTMT , which includes precious and base metals miners and fertilizer companies, lost 2.6% as gold futures GCc1 fell 2.3% to $1,680.2 an ounce. GOL/

* On the TSX, 192 issues were higher, while 38 issues declined for a 5.05-to-1 ratio favouring gainers, with 50.34 million shares traded.

* The largest percentage gainers on the TSX were oilfield services and equipment provider Shawcor Ltd SCL.TO , which jumped 15.8% and oil producer Baytex Energy Corp BTE.TO , which rose 14.9%.

* NovaGold Resources Inc NG.TO fell 7.3%, the most on the TSX, and the second biggest decliner was Pan American Silver Corp PAAS.TO , down 5.9%.

* The most heavily traded shares by volume were Suncor Energy Inc SU.TO , up 7%; Air Canada AC.TO , up 14.1% and Baytex Energy Corp BTE.TO , up 14.9%.

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

* Across all Canadian issues there were eight new 52-week highs and six new lows, with total volume of 82.38 million shares.

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