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TORONTO, Aug 5 (Reuters) – Canada’s main stock index edged higher on Friday, recouping some of this week’s decline, as stabilizing oil prices supported energy stocks, while data showed that the Canadian economy unexpectedly shed jobs for a second straight month in July.
The Toronto Stock Exchange’s S&P/TSX Composite Index (.GSPTSE) ended up 43.09 points, or 0.2%, at 19,620.13, its third straight day of modest gains. For the week, it was down 0.4%.
The TSX’s gains were limited after a strong US jobs report torpedoed recent optimism that the Federal Reserve might abandon its aggressive campaign to reign in high inflation for decades. Read more
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Meanwhile, Canadian data showed employment fell by 31,000 in July, but analysts predicted that wouldn’t stop the Bank of Canada from raising interest rates further in September to fight the downturn. ‘inflation. Read more
“As today’s numbers further muddy the waters for policymakers, the Bank of Canada will likely focus on historic low unemployment and still strong wage growth to justify another non-standard rate hike during its next meeting,” said Andrew Grantham, senior economist at CIBC Capital Markets.
The energy sector rebounded 1.9% as the price of oil rose 0.5% to $89.01 a barrel, recovering some ground after hitting a six-month low. Investors fear that a possible recession will affect fuel demand. Read more
The Materials group, which includes precious and base metal miners and fertilizer companies, added 0.9% as copper prices rallied, while industrials ended up 0. 6%.
Shares of Canopy Growth Corp (WEED.TO) fell 5.2%, although they recovered some of their earlier decline as the company posted another basis loss, which dampened hopes of investors. investors that the cannabis producer would soon become profitable. Read more
Shares of Canaccord Genuity Group Inc (CF.TO) closed nearly 14% lower after the investment firm reported quarterly results that missed analysts’ estimates.
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Reporting by Fergal Smith; Additional reporting by Bansari Mayur Kamdar and Johann M Cherian in Bengaluru Editing by Alistair Bell
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