By RTT News,
February 07, 2014, 10:33:00 AM EDT
(RTTNews.com) - Canadian stocks manage modest gains Friday morning despite a lackluster U.S. jobs report.
The S&P/TSX Composite Index rose 30 points to 13,743.21, extending its big gains from the previous session.
The main index has been pushing higher since Tuesday, with bargain hunters stepping in after a late-January swoon.
Energy stocks pulled back a bit this morning, even as crude oil futures rose for a third day in a row. U.S. crude was up 40 cents, above $98 a barrel.
In merger news from the oil patch, Aurora Oil & Gas Ltd. (AEF.TO) has agreed to be acquired by Canadian crude oil producer Baytex Energy Corp. (BTE_UN.TO, BTE) in a C$2.6 billion deal. Baytex shares were down 6 percent.
Domtar Corp. (UFS, UFS.TO) reported fourth-quarter net earnings excluding items, earnings were $68 million or $2.09 per share, for the quarter. Shares were flat.
Potash (POT.TO) may be in demand for a second day amid analyst predictions the price of potash will climb above $400 a metric. POT shares were up 0.9 percent.
Bombardier (BBD.B.TO) won a $1.63 billion contract with the Crossrail project, a new train line being built in London. The stock eased slightly.
Traders reacted to employment reports from both sides of the border.
The Canadian economy gained 29,400 jobs in January and the unemployment rate fell 0.2 percentage points to 7 percent.
The U.S. added 113,000 jobs in January and the unemployment rate dipped to 6.6 percent from 6.7 percent, the Labor Department said moments ago. Economists expected the economy to generate 185,000 jobs.
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