Stunning jobs data lift TSX
TORONTO (Reuters) - Toronto's main stock index rose more than one percent yesterday, rallying for a fourth straight session as stunning jobs data lifted investor confidence, while firm resource prices helped materials lead the gains.
Materials were up 2.3 percent, rebounding from Thursday's sell-off, as the price of gold moved back above $1,200 an ounce. As well, copper prices advanced to their highest in nearly two weeks on improving global demand signals.
Among key gainers No. 1 producer Barrick Gold Corp was up 1.42 percent at C$45.04, while diversified miner Teck Resources rose 3.37 percent to C$35.60.
The most influential advancer yesterday was Research In Motion, rising seven percent to C$55.23, after the BlackBerry smartphone maker said it is preparing to launch an applications store and consumer Internet services in China as part of its push into the world's top mobile market.
The Toronto Stock Exchange's S&P/TSX composite index climbed 137.08 points, or 1.2 percent, to end at 11,570.45. Eight of the index's 10 main groups were up.
For the week, the TSX is up more than three percent, making a strong comeback after hitting its lowest close in eight months on Monday.
Heavyweight financials were also among the solid gainers, rising 1.37 percent after a wobbly start to the session. Confidence in the domestic economy underscored the positive prospects for growth and outweighed any negative implications of higher borrowing costs.
Royal Bank of Canada was up 2.4 percent at C$54.37, while Bank of Nova Scotia added 1.7 percent to C$50.54.
Data released early on Friday showed Canada's economy created 93,200 jobs in June, a near record gain and six times more jobs than forecast.
"Those good employment numbers have obviously reassured the market about growth," said Gavin Graham, global strategist at Excel Funds Management.