Canadian Stock Close Up; Most Sectors Climb, Despite Energy Weakness; Weak Jobs Numbers Help Cap Sentiment and Gains

By Staff,

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Canadian stocks consolidated in positive territory at the end of the day after being lower for most of the first half of the session as it battled headwinds in the Energy sector with crude oil prices tumbling and closing lower for the 11th time out of the last 12 session.

Most sectors were higher, led by Miners and Health Care. Friday's weaker than expected jobs number did little to help buoy the broader market and the Financials sector joined the Energy one lower.

Canada employment fell 9.4k in June, contrary to expectations for an increase following the 25.8k gain in May.

Full time jobs rose 33.5k in June after the 29.1k drop. Part time jobs plunged 43.0k in June after the 54.9k surge that drove total employment growth in May. Total private employment edged 2.4k higher in June while public employment fell 11.9k.

NYMEX crude fell to $100.62, down $2.31/bbl , tripping stops at $101.50 and again at 101.00. This is the lowest level since May 19. Liquidation of long positions continues, as geopolitical concerns appear to subside. Medium term trend line support that has held steady during the course of 2014 is seen near $100.50.

The Canadian dollar also lost ground on Friday, as the USD/CAD surged nearly a big figure to 1.0735, as the weaker than expected jobs number drove bonds higher eroding the value of the Loonie.

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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