(MENAFN- ProactiveInvestors) Canadian shares advanced for a third straight day as jobless rates in the nation and the U.S. its largest trading partner dropped to a six-year low in October.
The resource-heavy benchmark Standard & Poor€™s/TSX Composite Index (TSE:OSPTX) rose 1 percent to 14707.21 at 12:14 p.m. in Toronto. More than two stocks gained for every share that lost as 6 out of 10 share groups picked up.
Canada€™s unemployment rate dropped to 6.5 percent last month compared with 6.8 percent the previous month. Statistics Canada said today employment rose by 43100 after a jump of 74100 in September on hiring led by retailers and financial companies. In the U.S. employment gains exceeded 200000 for a ninth straight month in October and the jobless rate declined to 5.8 percent even as more people entered the labor force.
Raw-material shares was the biggest gainer with a 3.8 percent rise as gold futures headed for the biggest gain since June. (TSE:ABX) added 4.6 percent to C$13.57 and (TSE:G) rose 5.6 percent to C$22.40. Gold futures for December delivery rose 2 percent to $1165.50 an ounce at 11:17 a.m. on the Comex in New York.
The energy sector the main index's second most heavily weighted group jumped 2.8 percent as West Texas Intermediate and Brent oils advanced. Energy (TSE:SU) Canada's largest oil sands producer gained 2.7 percent to $39.53.
() gained 9.3 percent to C$16.63 after the oil company operating in western Canada raised its annual average production guidance after reporting a jump in third-quarter output.
Athabasca Oil () added 2.8 percent to C$3.28 after the oil-sands developer focused on Alberta said its third-quarter loss narrowed to 5 Canadian cents a share from a loss of 7 Canadian cents while cash flow improved to 3 Canadian cents from a loss of 1 Canadian cent.
() leaped 6.7 percent to C$7.95 even as the oil and gas company operating in Western Canada reported a wider loss in the third quarter and lower sales output and funds from operations.
WTI for December delivery rose 1.1 percent to $78.74 a barrel at 10:39 a.m. on the New York Mercantile Exchange. Brent for December settlement gained 0.8 percent to $83.52 a barrel on the London-based ICE Futures Europe exchange.
Financials the index's most heavily weighted sector edged up 0.2 percent. () which has the heaviest weighting in the index was little changed at C$81.19. Toronto-Dominion Bank (TSE:TD) the second-largest bank by market value added 0.2 percent to C$55.99.
() fell 1.1 percent to C$53.10 after the operator of Canada's biggest stock exchange reported a lower-than-expected third-quarter profit weakened by sluggish trading revenue from tis BOX options exchange and cash markets.
The junior () rose 1.5 percent to 763.08 at 12:10 p.m. in Toronto. () the heaviest stock in the gauge rose 2.1 percent to C$5.30.
In the U.S. market shares swung between gains and losses as data indicated corporates employed fewer workers than projected in October while the unemployment rate fell to a six-year-low. The S&P 500 (INDEXSP:.INX) rose 0.1 percent at 11:40 a.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) was little changed while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) slipped 0.2 percent. Most followed shares included Gap King Digital and Walt Disney.
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