Canadian stocks rose Friday as strength in the non-gold mining and industrial sectors overcame lower gold prices and weak jobs data.
Shares of Teck Resources Ltd. CA:TCK.B ?closed up 2.1% and Ivanhoe Mines Ltd. CA:IVN ? shares rose 3.5%. Shares of Lundin Mining Corp. CA:LUN ?rose 3.3% following reports that it acquired a 15.4% stake in Salazar Resources Ltd.
The S&P/TSX Composite Index CA:$ISPTX ?rose 0.2% with the heavily-weighted S&P/TSX Capped Diversified Metals and Mining Index XX:TTMN ?up 2%.
U.S. companies posting higher profits, paying little
U.S. companies are booking higher profits than ever. Yet corporate tax receipts as a share of profits are at their lowest level in at least 40 years. Damien Paletta report. Photo: AFP.
Just behind that, the S&P/TSX Capped Industrials Index XX:TTIN ?rose 1.2% as shares of Canadian National Railway Co. CA:CNR ?gained 0.9% and Canada Pacific Railway Ltd. CA:CP shares advanced 2.3%.
!The broader market managed to keep its head above water after the Canadian government said the unemployment rate rose to 7.6% from 7.5%, and fewer than expected jobs were added to the economy.
��January��s dismal employment gain and rise in the unemployment rate are further signs that the economy ended last year on a weaker footing,�� David Madani, an economist with Capital Economics, wrote in a research note. ��Given the headwinds confronting Canada��s economy, we doubt economic growth is about to rebound significantly anytime soon. As such, we think more monetary policy stimulus will soon be needed.��
In comparison, the U.S. added 243,000 jobs in January and unemployment fell to 8.3% from 8.5%. The Canadian dollar USDCAD ?rose against its U.S. counterpart with the greenback buying 99.30 Canadian cents, compared with 99.93 Canadian cents late Thursday.
Canada��s three largest banks also closed in positive territory, with shares of Royal Bank of Canada CA:RY , Toronto-Dominion Bank CA:TD ?and Bank of Nova Scotia CA:BNS ?all finishing up 0.5% or more.
The major drag on the broader market was gold mining stocks as gold prices for April delivery GC2J ?settled down 1.8% at $1,727.90 an ounce on the New York Mercantile Exchange.
Shares of Barrick Gold Corp.
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