Canada Stocks Recover Late To Close Higher, Boosted By Petrowest; Mkt Focus On Friday's Revised Jobs Data

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Canada's main stock, the Toronto Stock Exchange, recovered well to close up near 30 points Thursday after dipping in to negative territory with around 90 minutes of trade left, it having lost late morning gains of near 50 points through the first half of the afternoon.

But at least the TSX showed good late upward momentum - which may be built on Friday if Statistics Canada does revise upward its July jobs report after the initial release last week showed just 200 jobs had been created against forecasts for 20,000-plus.

Boosting the market today was Petrowest (PRW.TO), which gained more than 8% and rose toward 52 week highs after it reported second quarter results. More than 35 million Petrowest shares changed hands, 30 million more than in the next most active. It reported net and comprehensive loss after tax of $2.23 million, compared to a loss of $3.37 million a year earlier. Petrowest said: "The company was excited to complete the acquisition of Enviro-Mulch Land Clearing Solutions Ltd. during the quarter. This vertically integrated acquisition truly allows Petrowest to be the 'first in' for oilfield and general construction services, while adding another highly qualified team to the Petrowest group."

Most sectors were higher today, led by Health Care, Industrials and Financials. But the influential Energy and Mining ones were down and weighed on the resources heavy index.

On commodities, gold futures rose for the third straight session as U.S. jobless claims rose more than forecast, making it likely that interest rates will remain low for the foreseeable future. Jobless claims jumped by 21,000 to 311,000 in the week ended August 9, versus forecasts for around 295,000.Meanwhile, brent oil dropped to 13-month lows and West Texas Intermediate slipped amid concerns that European demand will fall if the region goes back in to recession. And copper futures hit seven week lows, not helped by news that production of the metal in China touched its highest levels since November.



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

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This article appears in: Investing , Commodities

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