(MENAFN- ProactiveInvestors) Canadian shares rose on Friday set to mark a six-day rally as investors cheered minutes from the 's September meeting that showed it was in no hurry to hike interest rates.
The benchmark Standard & Poor’s/TSX Composite Index (TSE:OSPTX) was up 0.2% to 14004.29 at 11:16 a.m. in Toronto. Five shares advanced for every three issues that declined as seven out of ten share groups were in positive territory.
The minutes of the Fed's September meeting released on Thursday showed further signs of dovishness with policymakers worried about a global economic slowdown weighing on America even before weak September jobs data. Sentiment in Canada is often influenced by news out of the United States Canada's largest trading partner.
The materials sub-index which includes mining shares gained 2.4% as gold rose to a three-week high.
(TSE:G) Canada’s largest gold miner by market value advanced 3.5% to C$18.30. (TSE:ABX) Canada’s second-largest gold miner gained 4.7% to C$9.77.
Spot gold was up 1.5 % at $1155.21 an ounce.
The energy sector the main index's second most heavily weighted group fell 0.1% even as oil Canada’s largest export lost some momentum on Friday morning.
Energy (TSE:SU) Canada's biggest energy company skidded 0.1% to C$37.11.
() the country's largest heavy-oil producer edged up 0.3% to C$32.28.
Brent the global benchmark was trading down $0.12 at $52.93 a barrel on track to rise about 9% this week alone.
U.S. crude briefly turned negative. It was last up $0.45 at $49.88 a barrel after earlier touching $50.92.
The financials group which accounts for approximately 36% of the main measure more than any other group lost 0.1%.
() which has the heaviest weighting in the index slipped 0.4% to C$74.10. Toronto-Dominion Bank (TSE:TD) the second-largest bank by market value fell 0.6% to C$53.22.
In economic news Canada employment climbed for a third straight month in September largely on part-time job gains consistent with an economy growing at a moderate rate.
The world’s 11th largest economy added 12100 jobs last month Statistics Canada said in Ottawa bringing to 127000 new employment this year.
In currency the Canadian dollar climbed to the highest in two months as a rally in crude oil overshadowed an underwhelming September jobs report. One loonie buys about 77 U.S. cents.
In the U.S. market U.S. stocks gained after minutes from the ’s latest meeting cast further doubt on the prospect of higher interest rates this year.
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