(MENAFN- ProactiveInvestors) Canadian shares advanced for a seventh session in a row as gold snapped a three-day slide and data showed the world’s eleventh-largest economy gained jobs in March.
The benchmark Standard & Poor’s/TSX Composite Index (TSE:OSPTX) rose 0.4 percent to 15381 at 12:28 p.m. in Toronto. Five shares advanced for every two stocks that declined as nine out of ten share groups were in green territory.
The 250-company benchmark gauge for Canadian equities (TSE:OSPTX) gained 5.1 percent so far this year.
The Canadian economy unexpectedly added 28700 jobs last month due to a surge in part-time positions an increase that reinforced expectations that the central bank will not move to cut interest rates further next week to stimulate growth.
The energy sector the main index's second most heavily weighted group rose 0.5 percent as oil futures are on track to end a volatile week in positive territory. Energy (TSE:SU) Canada's largest oil sands producer rose 0.8 percent to C$39.70. (TSE:ENB) Canada's largest pipeline company inched up 0.2 percent to C$63.09.
West Texas Intermediate for delivery in May erased a modest loss to gain 0.9 percent to $51.24 a barrel. The U.S. benchmark is on track for a 4.3 percent weekly rise.
The materials sub-index which includes mining shares climbed 1.3 percent as gold halted a three-day losing streak. (TSE:G) Canada’s largest gold miner by market value gained 3.2 percent to C$24.42. (TSE:ABX) the second-largest added 1.9 percent to C$15.93.
Spot gold climbed 0.8 percent to $1204.06 an ounce by 10:31 a.m. U.S. gold for June delivery was up $13.70 an ounce at $1207.20.
The financials group which accounts for approximately 34 percent of the main measure more than any other group inched up 0.1 percent. () the company with the highest weighting in the index gained 0.5 percent to C$79.50. Toronto-Dominion Bank (TSE:TD) the second-largest bank by market value tacked on 0.2 percent to C$55.35.
(TSE:) Canada’s second-largest wireless carrier fluctuated between gains and losses as it announced the departure of Kevin Crull as president of its Bell Media division. He will be succeeded by Mary Ann Turcke who joined Bell in 2005 and was most recently group resident media sales local TV and radio for Bell Media.
a restaurant company with brands including Swiss Chalet and Harvey’s surged 43 percent in its first day of trading.
The junior () rose 0.7 percent to 695.71 at 11:57 a.m. in Toronto.
In economic news Statistics Canada said today the unemployment rate stayed steady at 6.8 percent in March.
In currency the Canadian dollar strengthened against most of its major peers after the employment report. The loonie trimmed losses to trade little changed at C$1.2583 per U.S. dollar. Earlier it touched C$1.2667 the lowest level since April 1. One loonie bought 79.47 U.S. cents at 10:37 a.m. in Toronto.
In the U.S. market shares rose after announced a broad restructuring plan and investors awaited further clues on the strength of corporate profits. The S&P 500 (INDEXSP:.INX) rose 0.5 percent to 2100 at 11:31 a.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) gained 0.5 percent to 18047 while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) added 0.3 percent. Most followed shares included Quantum eBay and .
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