Canadian stocks were edging higher Friday after data showing robust U.S. jobs growth overshadowed downbeat news on the Canadian jobs front.
The Canadian economy lost 19,700 net jobs last month, but he national unemployment rate held steady at 6.8% in April for the third straight month, Statistics Canada said Friday.
On the other hand, the U.S. economy created 223,000 new jobs in April, up sharply after a revised 85,000 gain in the prior month.
The unemployment rate dropped to 5.4% from 5.5%, marking the lowest level since May 2008.
The S&P/TSX composite index moved higher 95 points to 15,184.06 at mid-day, taking back some of this weeks losses.
Energy stocks rebounded, with the Energy Index gaining 1.45 percent.
Gran Tierra Energy rose 1.4 percent after the company agreed to support the board nominees proposed by activist investor West Face Capital. Gary S. Guidry will take over as president and chief executive, effective immediately.
AutoCanada Inc. jumped 20 percent after beating profit expectations. The company also said it is in discussion with takeover targets.
Plane and train maker Bombardier Inc. (BBD_B.TO, BBD_A.TO) warned it’s planning more cost-cutting and will likely cut jobs in Toronto and Montreal factories. Shares rose 1.5 percent.
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