Canada Stocks Close Higher; Strong Jobs Data Drives Sentiment; Colossus Minerals Most Active
Canadian stocks closed higher on Friday, snapping a three day losing streak. Most sectors were higher, with Industrials and Financials driving the gains.
Stocks were buoyed as both the US and Canada reported better than expected jobs data. Canada added 21,600 jobs in November, and the unemployment rate stayed at a nearly five-year low of 6.9 percent, according to Statistics Canada. The increase, greater than the 12,000 new jobs predicted by economists.
In the US job growth topped expectations as non-farm payrolls increased by 203,000 jobs compared to the 180,000 expected by economists. The unemployment rate declined to 7%, compared to the 7.2% print expected. According to the Bureau of Labor Statistics, the unemployment rate decline from 7.3% to 7.0% was due to a increase of 818,000 jobs in November.
Colossus Minerals Inc. (CSI.TO) was the most active share. The company tumbled 34% with 9.9 million shares changing hands after the company said it will cease underground development at its 75%-owned Serra Pelada mine in Brazil while it completes dewatering the project and the company continues work on identifying short-term funding sources.