Canadian stock extends gains amid positive jobs data

Canada's main stock advanced for a third straight day on Friday as positive jobs data out of the country strengthened the market sentiment.
Toronto Stock Exchange's benchmark S&P/TSX Composite Index was up 127.45 points, or 0.88 percent, to 14,690.83 points, as the gains of resources shares overpowered the losses in healthcare shares.
Investors were encouraged after Statistics Canada announced that employment rose for a second consecutive month, up 43,000 in October. This pushed the unemployment rate down 0.3 percentage points to 6.5 percent, the lowest since November 2008.
Peter Buchanan, a senior economist of Canadian Imperial Bank of Commerce, said "the market has rebounded from the recent correction, and we see further albeit modest gains in the next year or two. Today's solid jobs number and earlier upward revision to Q3 GDP suggests Canada's economy is not as weak as has been made out."
In TSX losers, the healthcare sector dived 7.09 percent as the leading companies Catamaran Corp. shed 1.62 percent to 54.18 Canadian dollars (about 47.68 U.S. dollars) and Valeant Pharmaceuticals International, Inc. dropped 2.95 percent to 142.84 Canadian dollars.
Industrials moved down 0.09 percent, as Canadian Pacific Railway Ltd. gave back 0.49 percent to 233.85 Canadian dollars and Canadian National Railway Company slipped 0.43 percent to 78.91 Canadian dollars.
However, TSX gained momentum on the rally of the resources shares.
The metals & mining sector led the gainers, up 6.58 percent, boosted by higher gold prices. The world's biggest gold producer Barrick advanced 6.32 percent to 13.79 Canadian dollars, and Goldcorp Inc. hiked 6.93 percent to 22.68 Canadian dollars per share.
The energy sector jumped 2.72 percent, when Canadian Natural Resources Ltd. gained 2.84 percent to 40.87 Canadian dollars, and Suncor Energy Inc. added 1.79 percent at 39.19 Canadian dollars.
Financials, the index's most heavily weighted sector, increased 0.14 percent, although TMX Group Ltd. fell 0.75 percent to 53.29 Canadian dollars after the operator of Canada's biggest stock exchange reported weaker-than-expected quarterly profit.
On the currency front, the Canadian dollar edged up Friday to 0. 8824 U.S dollar from 0.8752 U.S dollar Thursday.