RTTNews - Toronto stocks remained notably higher in Friday afternoon trading, erasing some of yesterday's 2.3% drop. Strength in the telecom and industrial sectors paced the gains.
The S&P/TSX Composite Index has added 113.74 points or 1.05% to move at 10,903.29. The market hit an eight-month high above 11,000 earlier this week.
Industrials ahave gained 2.9% to lead the way. Canadian National Railway (CNR.TO) has gained 3.6% and Canadian Pacific (CP.TO) has added 2.1%.
SNC-Lavalin (SNC.TO) has gained 3.8% 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.
Telecom stocks are up 2.6% as Telus Corp. (T.TO) has surged 7.2%. 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.
In other corporate news, Nuvo Research (NRI.TO) has dropped 5.2% after the company reported a net loss for the second quarter of C$1.66 million or C$0.01 per share, compared to a loss of C$2.86 million or C$0.01 per share in the year-ago quarter.
Manitoba Telecom Services (MBT.TO) is down 1.5% after the company reported net income for the second quarter declined to C$30.1 million or C$0.47 per share from C$38.0 million or C$0.58 per share in the previous year.
Thomson Reuters (TRI.TO) was downgraded to Underperform from Hold at Jefferies & Co.
Manulife Financial (MFC.TO) is down 0.6% after the stock was downgraded to Underform from Neutral at Credit Suisse.
Sun Life (SLF.TO) has recovered some of yesterday's sharp losses and is up 1.4%, despite being downgraded to Underperform to Neutral at Credit Suisse.
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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