Canadian stocks down despite better employment data

Canada's main stock market ended the week lower despite stronger-than-expected employment data, as telecommunications weighed down the market.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index retreated 29.24 points, or 0.20 percent, to close at 14,566.26 points. Nine of the 10 sub-sectors in the index lost ground on the day.

Earlier on Friday, Statistics Canada reported that the economy had added 67,200 jobs in September, soaring above the 7,500 economists had forecast. With additional Canadians joining the labor force, the unemployment rate stayed flat at 7 percent.

The job increase is the highest since 2012 and more than doubled the 26,200 jobs added in August. By province, Quebec, Ontario, and Alberta accounted for most of the jobs added with 38,300, 16,200 and 13,300 net jobs, respectively. Some 44,100 of the jobs were part-time while 50,100 were in the self-employed category.

Robert Kavcic, senior economist at Bank of Montreal, believes these figures are strong and may sway the Central Bank to delay a rate cut during their next decision on Oct. 19.

"All in a positive report for the Canadian economy, and one that continues to show modest national growth and an ongoing shake-up in regional labour market strength," Kavcic said in a report. "For the Bank of Canada, this is another data point arguing against a near-term rate cut."

The TSX Telecommunications Group was hit the hardest on Friday, falling 1.19 percent after the Canadian telecommunications regulatory commission lowered the wholesale rates that the large Internet service providers could sell high-speed Internet to smaller competitors.

BCE Inc., the company that owns Bell Canada, saw shares fell 0.90 percent to 59.43 Canadian dollars (44.74 U.S. dollars). Shares of Rogers Communication, Bell's largest competitor, fell 1.92 percent to 54.20 Canadian dollars (40.81 dollars).

Montreal-based Amaya gaming saw stocks soar 9.14 percent to 23.41 Canadian dollars (17.63 dollars) after a report indicated they were close to selling Pokerstars, the world's largest online poker room. Trading was halted for the remainder of the session shortly after the report.

Crude oil prices snapped seven consecutive positive sessions, as a barrel of Brent crude for December delivery dipped 1.58 percent to close at 51.75 U.S. dollars a barrel in London.

The Canadian dollar closed the day down to end the week at 0.7529, compared to Thursday's closing rate of 0.7565 U.S. dollars. Endi