In cricket terms, Canada stocks hit a six Friday, and are now
looking for more boundaries. Today, the overall index gained 39
points or 0.26% to reach near 14,838 and make it six successive
days of gains, moving closer to the May 2008 peak at 15,155.Most
sectors were higher led by Industrials, but Metals and Mining
Friday's gains came despite Canada's jobless rate rising in May,
the first increase this year. Unemployment rose to 7% from 6.9% as
full-time employment dropped by 29,100, but part-time jobs rose by
Of commodities, gold closed slightly lower as the greenback got
a lift from better than expected U.S. jobs numbers.
Bloomberg reported that palladium futures rose to a 34-month
high and platinum headed for the longest rally in three weeks after
mining companies and striking workers failed to reach a pay accord
in South Africa, a top producer of the metals. Meanwhile, Bloomberg
also reported that copper in New York fell, capping the biggest
weekly loss since March, amid concern that a warehousing probe in
China will curtail use of the metal in finance deals.
Air Canada (AC-B.TO) - which this week reported a record May
load factor - flew to 6.5 year highs after being upgraded to
Outperform from Sector Perform by National Bank Financial. The
broker also revised its price objective on the carrier to $12 from
$8.50. Meanwhile, RBC Capital Markets lifted its target price by
nearly 42% to $17, and forecast the airline's stock could reach $30
on a strengthening economy. More than 4.1 million shares changed
hands, double the 30 day average.
National Bank also upgraded WestJet Airlines (WJA.TO) - which
gained more than 2% - to Outperform from Sector Perform. The target
price was raised to $29, up from $27.
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