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Roundup: Canadian stock market edges higher over resources boost

Xinhua, October 3, 2015 Adjust font size:

Canada's main stock market in Toronto was slightly higher to conclude this week when a sharp rally in resources shares offset the losses led by the financial sector.

The Toronto Stock Exchange's benchmark Standard & Poor's / TSX Composite Index added 97.85 points, or 0.74 percent, to 13,339.74 points.

The index lost ground in the midday trading after the disappointing U.S. labor market data aroused investors' concern about the outlook of the U.S. economic recovery.

According to the U.S. official data, the total nonfarm payroll employment increased by 142,000 in September, well below market consensus of 203,000.

Financials, the most heavily weighed sector in TSX, lost 1.57 percent as Royal Bank of Canada, the biggest bank by the market value in TSX, tumbled 2.17 percent to 71.97 Canadian dollars (about 54.67 U.S. dollars ).

However, supported by the stronger commodities prices, the resources sectors rebounded sharply on Friday after big slumps this week, as Metals and mining sector hiked 7.11 percent over a sharp rise in gold prices, with the most active gold contract for December delivery up 22.9 U.S. dollars, or 2.06 percent, to settle at 1,136.6 dollars per ounce on the COMEX division of the New York Mercantile Exchange on Friday.

Yamana Gold Inc. jumped 11.63 percent to 2.40 Canadian dollars, and the world's biggest gold producer Barrick Gold Corp. advanced 5.86 percent to 8.67 Canadian dollars per share.

Meanwhile, Energy strengthened 2.15 percent with the oil and gas giant Encana Corp. up 7.61 percent to 9.47 Canadian dollars apiece.

On the economic data, the July gross domestic product (GDP) data confirmed that after shrinking in the first half of the year, Canada's economy has come roaring back. July's reading sets up third quarter growth for a solid 2.5 percent annualized, according to a report released by TD Bank on Friday.

On the currency front, the Canadian dollar on Friday climbed higher to 0.7596 U.S. dollar at 4 O'clock (the Canadian Eastern Time), when compared with 0.7544 U.S. dollar on Thursday. Enditem