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TSX up after positive job numbers



 
 
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Old October 7th 11, 03:40 PM posted to misc.invest.canada
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Default TSX up after positive job numbers

TSX up after positive job numbers


BY DEREK ABMA, FINANCIAL POST OCTOBER 7, 2011

A Toronto Stock Exchange (TSX) logo is seen in Toronto in a file picture
November 2007.

The Toronto Stock Exchange was poised to finish the week on a positive
note as both Canada and the United States saw reports of better-than-
expected job growth.

The S&P/TSX composite index was up 36.95 points, or 0.31 per cent, to
11,817.02 shortly after Friday's open. If it holds up, it would be the
third straight day of gains, the last two of which have been 2.5 per cent
or more.

Statistics Canada said there were 60,900 more people working last month,
four times the gain of 15,000 that economists were expecting.

The Canadian dollar appeared to get a boost from the results, rising 82
basis points from Thursday's close to 97.18 cents U.S. on Friday morning.

In the U.S., data showed 103,000 more jobs were added last month, well
ahead of economists expectations for 60,000. As well, August's numbers
were revised to show 57,000 additional jobs instead of the flat figure
initially reported.

"This news, combined with the PMI (purchasing managers' index) reports of
earlier in the week, confirms that the economy stabilized at least in
September after a really bad month in August," Colin Cieszynski, analyst
with CMC Markets Canada, wrote in morning commentary Friday.

On U.S. stock market, the Dow Jones industrial average was up 84.61
points, or 0.76 per cent, to 11,207.94 in early trading. The Nasdaq
composite index was essentially flat up 0.04 of a point to 2,506.86.

On commodities markets, crude oil was up 74 cents to $83.33 U.S. a barrel
in New York. Gold was up $1.40 to $1,654.60 U.S. an ounce.

The U.S. jobs report also seemed to give European stocks a boost. The
United Kingdom's FTSE index was up 55.01 points, or 1.04 per cent, to
5,346.27. France's CAC gained 24.52 points, or 0.8 per cent, to 3,099.89.
Germany's DAX rose 57.66 points, or 1.02 per cent, to 5,702.91.

In Asia, Japan's Nikkei index closed up 83.6 points, or 0.98 per cent, to
8,605.62. Hong Kong's Hang Seng rose 534.73 points, or 3.11 per cent, to
1,7,707.01. Mainland China's Shanghai composite was down 6.12 points, or
0.26 per cent, to 2,359.22.

On Thursday, the S&P/TSX surged 322.85 points, or 2.82 per cent, to
11,780.07. The Dow Jones was up 183.38 points, or 1.68 per cent, to
11,123.33, while the Nasdaq gained 46.31 points, 1.88 per cent, to
2,506.82.

 




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