The unexpectedly strong employment reports in Canada and the United States may have boosted hopes for a strong economic recovery, but they didn’t impress investors on Friday. The S&P/TSX composite index fell 10.43 points to close at 7,860.44.

On the week, the TSX benchmark gained 1.1%..

Statistics Canada reported that the economy created more than 65,000 new jobs in October. The unemployment rate fell to 7.6% from September’s 8%.

South of the border, the U.S. jobless rate edged down to 6% as the economy there generated 126,000 new jobs.

The TSX telecom sector fell 0.71% while the influential financial services group fell 0.59%.

Health-care issues fell 0.36% with Angiotech Pharmaceuticals losing $1.34 to $62.51 and Biovail shedding 45¢ to $31.80.

Shares of VSM Medtech plummeted more than 60% after analysts issued “sell” recommendations on the maker of medical devices, a day after it reported disappointing third-quarter results. Its stock rebounded somewhat to close down $3.35 at $4.05.

Extendicare gained $1.12 to close at $12.61 on improved quarterly profit.

Gold stocks rallied on higher bullion prices.

Barrick Gold rose 43¢ to $26.21 and Placer Dome gained 33¢ to $20.95.

Shares of Ivanhoe recovered to close up 1¢ at $11.76, after diving as much as 15% on profit-taking after a provocative article about the mining firm and its chairman in a leading U.S. publication.

Microcell Telecommunications reached a new high on Friday. It closed up 35¢ at $18.10 after it said it reduced losses.

Toronto volume was 274 million shares.

The junior S&P/TSX Venture composite index eked out a gain of 0.24 points to close at 1,609.49.

On Wall Street, investors had a similar reaction to the unexpectedly strong employment report. The Dow Jones industrial average lost 47.25 points to close at 9,809.72.

The tech-heavy Nasdaq composite Index fell 5.70 points to 1970.70. The broader S&P 500 slipped 4.84 points to 1,053.21

For the week, the Dow gained 0.1%, while the Nasdaq advanced 2.%. The S&P 500 inched up 0.24%.


The Canadian dollar surged almost a cent against the U.S. greenback. The loonie gained 0.87 of a cent to close at US75.58¢.