TSX Closes Up Near 60 Pts, But Was Up 150 Pts; Commodities, Manulife Spur Gains

By MidnightTrader.com Staff,

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Canada's main stock market, the Toronto Stock Exchange, closed up around 60 points but was up 150 points mid-morning Friday. The market - which did add to the 58 points gained Thursday despite finishing today near session lows - was buoyed by strength in oil and gold prices over the week, and by buying of individual stocks like Manulife (MFC.TO), which hit fresh year highs on positive sentiment stemming from Thursday's result.

Today, a better than expected U.S. jobs report also helped boost sentiment amid signs the outlook for the economy in the U.S. - which is Canada's main trading partner - may be improving.

The Metals & Mining, in particular, and the Energy sectors were the biggest percentage gainers. Health Care and Info Tech were losers.

Oil for June delivery added 1.7% today to finish at $95.61 a barrel, rallying after America's better than expected jobless report boosted sentiment that the country's economy is improving. This, in turn, was good for economically sensitive oil. Over the week, oil gained 2.8%.

June gold shed 0.2% today to close at $1,464.20 per ounce. For the week gold posted a 0.7% gain. Gold futures see-sawed today, in the pre-bell session they were higher, but reversed direction after the U.S. Labor Department reported a better-than-expected jobs report. This reduced the metal's safe haven appeal and it reversed direction

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

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This article appears in: Investing Commodities
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