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TSX Further Climbs As Energy, Mining Stocks Rally; Up 136 Points at Midday

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The TSX was ahead by 136 points at midday, building on earlier gains, as commodity prices continued to lift energy and mining shares and investors cheered upbeat data out of Canada and the U.S.

Statistics Canada revealed Friday that even though Canada's trade deficit widened to $655 million, export volumes rose 3.6% in January. The deficit was projected to widen to around $900 million.

Meanwhile, U.S. non-farm payrolls grew 242,000 jobs last month, leaving the unemployment rate at an eight-year low of 4.9%. The consensus was for an increase of only 190,000 jobs.

In commodities, both gold and oil were higher, with gold up near 1% at US$1,270.20/ounce and global benchmark Brent rising 3.5% to US$38.35/barrel.

The mining and energy groups led the way, climbing 10.3% and 3.1%, respectively. Financials were up by a mere 0.3%. On the negative side, info tech shed 1.1%, while healthcare slipped 0.4%.

Total volume traded already exceeded 319 million shares. First Quantum Minerals (FM.TO) was the most actively traded stock.

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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.

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