Canada Stocks Close Lower; Most Sectors Down; Weak Employment Report Saps Momentum


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Canadian stocks posted their biggest weekly drop in a year, again led lower by energy stocks and unsettled by political news out of Russia and economic news out of Canada. Most sectors were lower, driven by losses in Energy.

Russian President Vladimir Putin flew in to Crimea for parades to mark the Soviet victory in World War Two, while there were reports of deaths in Ukraine. At home, data showed that the Canadian economy lost 28,900 jobs in April, while it was expected that 13,500 jobs had been created in the month.

Among commodities, gold was slightly lower on Friday, recording its second straight weekly loss as the U.S. dollar was boosted by euro weakness and market watchers fretted over events in the Ukraine. West Texas Intermediate crude fell for a second day, dropping below US$100 while the discount to Brent widened.

Canada employment fell 28.9k in April, contrary to expectations (median +15.0k) following the 42.9k rise in March. Full time employment fell 30.9k in April after the 12.8k rise in March. Part time jobs rose 2.0k after a 30.1k drop.

Private sector jobs fell 11.4k after the 3.4k gain in March that marked a third straight monthly increase.

Public sector hiring tumbled 17.4k after the 39.3k rise in March. The unemployment rate was 6.9% in April, as expected (median 6.9%) and identical to March.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

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