Canadian stocks closed slightly higher, but they did into
negative territory late in the session after being up more than 30
points in the morning. Sectors were mixed, led down by Industrials,
but Healthcare and Metals and Mining helped buoy the broader
After a week of solid economic data points, Friday's U.S. jobs
report was softer than expected. The U.S. is Canada's largest
trading partner which gives particular meaning to important U.S.
economic data up in the north. Non-farm payrolls came in at 164K
compared to the 180K expected by economists. The unemployment rate
ticked lower to 7.4% but this was more of a function of a decline
in the labor participation rate than lower unemployment.
Oil prices were under downside pressure today, after the latest
US jobs data from top consumer America was a disappointment,
sparking concerns over the demand for the fuel. Despite shedding
0.9% in today's session, oil added 2.1% over the week, supported by
other, more positive economic data including the ISM - which was at
a multi-year high. West Texas Intermediate for September delivery
closed at $106.94 a barrel.
Meanwhile, after a mostly positive session, gold reversed course
to close with a 0.1% loss on the day, shedding 0.9% over the
Bombardier was the most active stock with no fresh news driving
volume. Yesterday Bombardier Inc. (BBD-B.TO) reported second
quarter 2013 adjusted earnings per share of $0.09, in line with
consensus estimates. Revenues were $4.4 billion, slightly above the
$4.33 billion that analysts expected. Year-ago adjusted EPS was
$0.09, on revenues of $4.1 billion. The stock closed down 1.4% with
5.5 million shares changing hands.
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