CANADA STOCKS-TSX rises to fresh peak after key jobs report
BY Reuters | ECONOMIC | 01/09/26 11:32 AM EST(Updates with market open prices)
By Utkarsh Hathi
Jan 9 (Reuters) - Canada's main stock index rose to a fresh peak on Friday, buoyed by gains in gold miners and energy stocks, while mixed labor market data did little to alter bets on ?the Bank of Canada's monetary policy path.
The S&P/TSX Composite index was up 0.71% ?at 32,611.76 points as of 11:06 a.m. ET, poised for its ?biggest weekly gain in six weeks.
Canada
created just 8,200 net ?new jobs in ?December after three months of outsize gains,
with
the unemployment rate rising to 6.8% from 6.5%
in ?t
he
previous
month, Statistics
Canada
said
. Still, analysts polled by ?Reuters had expected a net loss of 5,000 positions and a jobless rate of 6.6%, and traders continue to ?bet that the Bank of ?Canada will ?hold interest rates at 2.25% through the rest of the year.
"Our economy is incredibly interest-rate sensitive and rates need to continue ?to fall, especially with everything going south and what seems contrary to a never-ending boom in the stock market," said Matt Skipp, president of SW8 Asset. "But the stock market is representative of a fairly benign global interest rate scenario." Meanwhile, U.S. job growth slowed ?more ?than expected in December, but a decline in the unemployment rate to 4.4% bolstered investors' expectations that the Federal Reserve will hold ?interest rates in its next policy meeting.
Gold miners gained 1.8% and the broader materials sector rose 2.2% as gold and silver prices looked set for weekly gains.
Oil prices rose for a second straight session as concerns over civil unrest in Iran were offset by potentially higher supply from Venezuela.
TSX's energy ?sub-index gained 1.2%, but was still on track for a steep weekly decline.
In notable stock moves, Aritzia
Print
