RTTNews - Toronto stocks moved higher on Friday morning, recovering some of yesterday's plunge, on a stronger-than expected jobs report from across the border. Strength in the industrial sector led the way.
The S&P/TSX Composite Index is up 93.64 points or 0.86% to move at 10,887.01. The market fell 2.3% yesterday.
Industrials are up 2.3% to lead the way. Canadian National Railway (CNR.TO) has gained 4.1% and Canadian Pacific (CP.TO has risen 3.8%.
In corporate news, Telus Corp. (T.TO) has climbed 3.1% after the company reported second-quarter net income of C$244 million or C$0.77 per share, compared to C$268 million or C$0.83 per basic share in the same quarter of last year.
Boralex (BLX.TO) has slipped 0.5% after the company reported its second-quarter net earnings rose to C$1.82 million from restated C$1.10 million in the year earlier period.
SNC-Lavalin (SNC.TO) is up 0.4% after the company reported a rise in second-quarter net income to C$80.03 million or C$0.53 per share from C$75.41 million or C$0.49 per share in the prior year quarter. Net income, excluding ICI, for the latest quarter increased to C$79.67 million from C$71.54 million a year ago.
Brookfield Asset Management (BAM-A.TO) is up 1.5% after the company reported second-quarter net income was US$147 million or US$0.24 per share, higher than prior year's net income of US$110 million or US$0.17 per share.
In economic news, Canadian employment declined by 45,000 in July, with losses in both full- and part-time work, according to data released Friday by Stats Canada. Economists were expecting employment to decline by only 15,000 jobs.
Meanwhile, a U.S. Labor Department report showed non-farm payroll employment fell by 247,000 jobs in July following a revised decrease of 443,000 jobs in June. Economists had been expecting employment to fall by 325,000 jobs compared to the drop of 467,000 jobs originally reported for the previous month.
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