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© Reuters. FILE PHOTO: The Art Deco facade of the original Toronto Stock Alternate building is seen on Bay Avenue in Toronto, Ontario, Canada January 23, 2019. REUTERS/Chris Helgren/FILE PHOTO
By Fergal Smith
(Reuters) -Canada’s main stock index edged lower on Friday but quiet notched its fourth straight weekly gain as greater-than-expected U.S. and Canadian jobs gains bolstered prospects of a soft economic landing.
The Toronto Stock Alternate’s S&P/TSX composite index ended down 57.03 points, or 0.3%, at 21,737.Fifty three, after posting on Thursday its best doubtless closing degree in nearly two years.
For the week, the index modified into once up 0.9%. The weekly winning steak modified into once the longest since April 2023.
“The U.S. quiet appears very noteworthy on goal for a soft landing. In Canada, it be a shrimp bit bit more nuanced I think, but by all indications the market is holding up reasonably effectively,” mentioned Elvis Picardo, a portfolio manager at Luft Financial, iA Non-public Wealth.
U.S. job increase accelerated in February, but that seemingly masks underlying softening labor market conditions because the unemployment fee increased to a two-year excessive of 3.9%.
Canada’s economic system added 40,700 jobs in February, double the expected gain but and wage increase slowed for a 2nd consecutive month because the central bank continues to maintain interest charges at a 22-year excessive.
The energy sector fell 0.7% as oil settled 1.2% lower at $78.01 a barrel and shares of uranium miners declined. Nexgen Vitality Ltd misplaced 8.7% and Cameco Corp (TSX:) modified into once down 6.2%.
Client-linked shares also misplaced floor, with the person staples sector falling 1% and person discretionary ending 0.4% lower.
The supplies index which includes precious and inappropriate metals miners and fertilizer firms, edged up 0.2% as gold added to its memoir-setting rally.
“Despite gold being at an all-time excessive, despite the geopolitical uncertainty, the resource sector which is a mountainous driver hasn’t indubitably taken off. That’s impeding the TSX’s progress a shrimp bit bit,” Picardo mentioned.
