TSX Looks To Extend Gains Despite Downbeat U.S. Jobs Data -- Canadian Commentary

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(RTTNews.com) - Bay Street stocks may struggle to extend a three-day win streak Friday morning after a weak U.S. jobs report raised concerns about Canada's largest trading partner.

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.

The government slightly upped its estimate of jobs created in December to 75,000 from an initial tally of 74,000.

Meanwhile, Canada's unemployment rate slipped to 7 percent.

Canadian stocks enjoyed their best day of 2014 on Thursday, with the S&P/TSX Composite Index rising 153.71 points, or 1.1 percent, to 13,713.40.

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.

Domtar Corp. (UFS, UFS.TO) reported fourth-quarter net earnings excluding items, earnings were $68 million or $2.09 per share, for the quarter.

Potash (POT.TO) may be in demand for a second day amid analyst predictions the price of potash will climb above $400 a metric.

Bombardier (BBD.B.TO) won a $1.63 billion contract with the Crossrail project, a new train line being built in London.

In commodities news, U.S. crude for March was down 22 cents at $97.22 a barrel. The March contract briefly touched $99 before pulling back yesterday.

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Referenced Stocks: BTE , UFS

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