Canadian stocks are moderately higher with the S&P/TSX Composite Index recovering from early losses - it opened 35 points lower than the previous close - to now stand just over 20 points higher on some bargain hunting, and hope that today's much better than expected jobs numbers might convince investors that Canada is where they need to put their money.
Most industry sectors are in positive territory today, led by Technology stocks. Mining stocks are lower following declines for gold, silver and copper in commodities trading.
On the economics front, StatisticsCanada reported a 40,000 rise in job during December, the fourth increase in five months. Almost all of the increase was all in full-time work while the national unemployment rate fell 0.1 percentage points to 7.1%, its lowest level in four years.
In company news today, shares of Lululemon Athletica Inc (LLL.TO, LULU) are down over 5% after Credit Suisse cut its rating for the yoga wear retailer to Neutral from Outperform, citing slowing sales growth at established stores in Canada. The research shop also sees rising competition and heavy discounting taking a bite out of future profits, with premium department stores posing a particular threat. The price target for the stock was lowered by $6 to $80.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
