TSX Crawls Higher Amid Steady U.S. Jobs Growth -- Canadian Commentary

By RTT News, 
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(RTTNews.com) - Canadian stocks are modestly higher Friday mid morning, with investors reacting to fairly upbeat U.S. jobs data.

In early deals, however, stocks were seen struggling a bit, hurt by a report showing a rise in Canadian unemployment.

Buying interest is a bit subdued due to sluggish commodity prices and on lingering worries about the unrest in Ukraine.

The benchmark S&P/TSX Composite Index is up 17.31 points or 0.12 percent at 14,817.49, off the day's low of 14,788.57.

On Thursday, the S&P/TSX Composite Index closed up 3.39 points or 0.02 percent at 14,800.18, extending gains to a fifth straight session.

GLV Inc. (GLV.A.TO) shares are up over 4 percent. The company reported Thursday that it posted fourth quarter net earnings of $1.7 million, up $1.3 million from previous corresponding quarter.

NeuLion, Inc. (NLN.TO) is rising over 11 percent after the company announced that it has expanded partnership with Rogers Media to create and deliver a TV Everywhere experience for Rogers' seven Sportsnet channels, called Sportsnet NOW, across Canada on multiple devices.

In the materials space, Major Drilling Group International Inc. (MDI.TO) is declining more than 5 percent. Lundin Mining Corporation (LUN.TO) and First Quantum Minerals Ltd. (FM.TO) are lower by over 2 percent, while Teck Resources Limited (TCK.B.TO) and HudBay Minerals Inc. (HBM.TO) are down 1.5 percent and 1 percent, respectively.

Among gold stocks, Goldcorp Inc. (G.TO), Barrick Gold Corporation (ABX.TO), Silver Wheaton Corp. (SLW.TO), Kinross Gold Corporation (K.TO) B2Gold Corp.(BTO.TO) Detour Gold Corporation (DGC.TO) and Franco-Nevada Corporation (FNV.TO) are down 1 to 2 percent.

Among telecom stocks, TELUS Corporation (T.TO) is down 1.6 percent. BCE Inc. (BCE.TO), Bell Aliant Inc. (BA.TO) and Rogers Communications (RCI.B.TO) are modestly lower.

Energy stocks are turning in a mixed performance. Suncor Energy Inc. (SU.TO), Canadian Natural Resources Limited (CNQ.TO), Canadian Oil Sands Limited (COS.TO) and ARC Resources Ltd. (ARX.TO) are higher by 0.5 to 1 percent.

Meanwhile, Husky Energy Inc. (HSE.TO), Encana Corporation (ECA.TO) and Talisman Energy Inc. (TLM.TO) are declining 0.5 to 1 percent.

Among big six banks, Toronto-Dominion Bank (TD.TO), Bank of Nova Scotia (BNS.TO) and Canadian Imperial Bank Of Commerce (CM.TO) are moving up 0.4 to 0.8 percent.

Industrial stocks are seeing some strong buying. Canadian Pacific Railway Limited (CP.TO), Canadian National Railway Company (CNR.TO), Progressive Waste Solutions Ltd. (BIN.TO), MacDonald, Dettwiler and Associates Ltd. (MDA.TO) and Stantec Inc. (STN.TO) are advancing 0.5 to 1 percent, while WestJet Airlines Ltd. (WJA.TO) is rising over 2 percent.

In the technology space, CGI Group Inc. (GIB.A.TO), Open Text Corporation (OTC.TO) and BlackBerry Limited (BB.TO) are up 0.5 to 1 percent, while Descartes Systems Group Inc. (DSG.TO) and Avigilon Corporation (AVO.TO) are moving up 2.3 percent and 2.5 percent, respectively.

In commodities, crude oil futures for July are up $0.31 or 0.30 percent at $102.79 a barrel.

Natural gas for July is down marginally at $4.702 per million btu.

Gold futures for August are down $3.20 or 0.26 percent at $1,250.10 an ounce.

Silver for July is down $0.115 or 0.60 percent at $18.968 an ounce. Meanwhile, copper is down 0.047 or 1.51 percent at $3.044 per pound.

In the currency market, the Canadian loonie is trading at 1.0937 against the U.S. dollar, down 0.13 percent from previous close.

On the economic front, unemployment rate in Canada rose to 7 percent in May, from 6.9 percent a month earlier, according to the data released by Statistics Canada. In May, 25,800 new jobs were created, compared to a loss of 29,000 jobs in April.

In economic news from the U.S., the data released by the Labor Department showed non-farm payroll employment to have increased by 217,000 jobs in May, after jumping 282,000 jobs in April. Economists had been expecting employment to rise by about 215,000 jobs in the month.

The data showed unemployment rate was steady at 6.3 percent in May. Economists expected unemployment rate to edge up to 6.4 percent.

The Federal Reserve is due to release its report on outstanding consumer credit at 3 pm ET. Outstanding consumer credit is expected to rise by $15 billion in April compared to the $17.5 billion increase in March.

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This article appears in: News Headlines

Referenced Stocks: ABX , BCE , BIN , BNS , CM

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