Toronto Stocks Climb, Buoyed by Financials

By Robb M. Stewart

Stocks in Toronto are on track for a modestly upbeat end to a mixed first week of the new year, with financial shares driving gains as investors weigh the latest jobs data in Canada and the U.S.

In midday trading, the benchmark S&P/TSX Composite Index was 0.3% higher, at 20942.96, which has it headed for a dip of less than 0.1% for the week. The blue-chip S&P/TSX 60 was ahead 0.4%, at 1266.48, which set it up for a weekly rise of 0.1%

The major banks were each higher, led by a 1% gain by Bank of Montreal.

The latest labor force survey showed employment in Canada was effectively flat last month despite continued strong population growth, though the jobless rate held steady at 5.8% and average wage-growth accelerated on last year. In the U.S., employers hired at a solid pace in December, with the economy adding 216,000 jobs and unemployment steady at 3.7%. Changes in the labor markets of both countries come as their economies cool.

Energy shares also notched gains Friday with a rise in oil futures amid heightened tension in the Middle East. Canadian Natural Resources was up 0.6%, Suncor Energy advanced 0.9% and Cenovus Energy gained 1.4%.

Other market movers:

Endeavour Mining's shares rebounded from sharp losses the previous session following the ouster of the gold miner's chief executive, rising 3.5%, to 26.88 Canadian dollars (US$20.14), and narrowing the drop this week to 9.7%.

Write to Robb M. Stewart at [e-mail]

(END) Dow Jones Newswires

January 05, 2024 12:22 ET (17:22 GMT)

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