Stock markets closed mostly higher Friday as buying interest grew after some early profit-taking. The S&P/TSX composite index gained 33.76 points to close at 6,645.92 on strength in metals and financial stocks.
Toronto stocks got a boost from solid employment and housing data for July. Although Canada’s jobless rate moved up one-tenth of a percentage point to 7.6%, the economy added 23,000 full-time jobs last month for a total of 326,000 created in the first seven months of the year.
The monthly housing starts report from Canada Mortgage and Housing Corp. also showed a slight slippage but also a strong annualized pace of more than 200,000 units.
Gold stocks rose 5.2% with the spot price of bullion US$3.70 higher at US$314.10 an ounce. Placer Dome moved up 65¢ to $14.30 and Goldcorp climbed 94¢ to $14.67.
Metals and mining moved ahead 1.4% as Inco Ltd. rose $1.09 to $27.53, and Aur Resources was ahead 30¢ at $3.45.
The consumer staples sector gained almost 1%. Shoppers Drug Mart added $1 to $23.70 and Cott Corp. was ahead 73¢ at $26.53.
The financial sector was up 0.55%, with Bank of Montreal advancing 62¢ to $36.87 and C.I. Fund Management gaining 35¢ to $10.80.
The information technology sector finished the day on the upside, gaining 1%, with Celestica up 35¢ at $32.25 and BCE Emergis off 10¢ at $5.10.
Industrials lost 1% as CAE. retreated 68¢ to $7.08. Bombardier slipped 24¢ to $10.54. Ballard Power gained $1.40 to $21.90.
Hudson’s Bay Co., continued to ebb after a profit warning earlier in the week. It was down 74¢ to $8.
Kingsway Financial was down 90¢ to $12.50 after a disappointing earnings report this week.
Toronto volume was 121.4 million shares as advancers beat decliners 576 to 419, with 194 unchanged.
The junior TSX Venture Exchange edged up 3.05 points to 1,031.89.
In New York, the Dow Jones industrial average came back from a deficit of 137 points to a close 33.76 points higher at 8,745.18.
Profit-taking hit tech stocks and the Nasdaq composite lost 10.44 points at 1,306.88. The S&P 500 rose 3.14 to 908.6.
U.S. productivity data released Friday added to worries the American economy may slip into another recession. Second-quarter growth in output per hour worked was 1.1%, the slackest efficiency gain in a year.
The Canadian dollar rose 0.21¢t to US63.52¢.