TSX Ends Higher; Energy Stocks Rise

(RTTNews) - The Canadian market ended higher on Friday supported by strong gains in the energy space, and on positive reaction to the stronger-than-expected U.S. non-farm payroll employment.

A few stocks from technology, healthcare and financials sectors posted notable gains, while communications shares closed weak.

The benchmark S&P/TSX Composite Index ended with a gain of 53.03 points or 0.26% at 20,331.54, after scaling a low of 20,265.77 and a high of 20,376.64 intraday.

The Energy Capped Index climbed nearly 1.5%. Imperial Oil (IMO.TO), Paramount Resources (POU.TO), Crescent Point Energy (CPG.TO), Baytex Energy (BTE.TO), Athabasca Oil Corp (ATH.TO) and Vermilion Energy (VET.TO) gained 2 to 3.5%.

Among other gainers, Nuvei Corporation (NVEI.TO) climbed 5.5%. Teck Resources (TECK.B.TO) gained 4.7%. Goeasy (GSY.TO), Canadian Tire Corporation (CTC.TO) and Senvest Capital (SEC.TO) climbed 3.3 to 3.6%.

Premium Brands Holdings Corporation (PBH.TO), Morguard Corporation (MRC.TO), Bank of Montreal (BMO.TO), Cargojet (CJT.TO) and Fairfax Financial Holdings (FFH.TO) gained 1 to 2%.

Canadian Western Bank (CWB.TO) gained nearly 3% after reporting net income of $77 million for the fourth quarter of 2023, up 14% compared to the net income it posted in the fourth quarter of the previous year.

Stella-Jones (SJ.TO), Endeavour Mining Plc (EDV.TO), Sprott Inc (SII.TO), Agnico Eagle Mines (AEM.TO), Gildan Activewear (GIL.TO), West Fraser Timber (WFG.TO), Toromont Industries (TIH.TO) and Newmont Corporation (NGT.TO) drifted down 1.6 - 4%.

Meanwhile, the closely watched report from the Labor Department this morning said non-farm payroll employment in the U.S. jumped by 199,000 jobs in November after rising by 150,000 jobs in October. Economists had expected employment to climb by 180,000 jobs.

The Labor Department also said the unemployment rate dipped to 3.7% in November from 3.9% in October. The unemployment rate was expected to remain unchanged.