TSX Recovers After Weak Start, Ends On Firm Note
(RTTNews) - The Canadian market tumbled Friday morning amid concerns about the outlook for interest rates after data showed a much larger than expected addition of jobs in the month of September. But stocks recovered gradually and eventually ended the day's session on a firm note.
The benchmark S&P/TSX Composite Index, which fell to 18,907.62 early on in the session, rallied to 19,283.77 and finally ended with a gain of 108.26 points or 0.57% at 19,246.07. The index shed about 1.5% in the week.
The Canadian market will remain closed on Monday for Thanksgiving Day holiday.
Energy, materials and technology stocks posted strong gains, contributing significantly to market's rally today.
Newmont Corporation (NGT.TO), Magna International (MG.TO), Docebo Inc (DCBO.TO), Tourmaline Oil Corporation (TOU.TO), goeasy (GSY.TO), Shopify Inc (SHOP.TO), TFI International (TFII.TO) and Descartes Systems Group (DSG.TO) gained 2.3 to 4%.
Molson Coors Canada Inc (TPX.B.TO), Restaurant Brands International (QSR.TO), Kinaxis Inc (KXS.TO) and West Fraser Timber (WFG.TO) were among the major losers in the session.
Data from Statistics Canada showed the Canadian economy created 63,800 jobs in September, the highest in eight months, more than three times the expected addition. Meanwhile, the unemployment rate remained unchanged for the third consecutive period at 5.5% in September, the highest since January 2022.
In the U.S., non-farm payroll employment shot up by 336,000 jobs in September compared to economist estimates for an increase of about 170,000 jobs, the Labor Department data showed. The report also showed notable upward revisions to job growth in the two previous months.
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