RTTNews - Toronto stocks have moved back into the green amid choppy Friday trading. Mining stocks and Research in Motion have led Bay Street's main index higher, while weakness in the gold sector has minimized the gains.
The S&P/TSX Composite Index has added 30.73 points or 0.29% to move at 10,508.84. The market has bounced back and forth across the unchanged line throughout the day.
Mining stocks are up 2.4% as Anglo-Australian mining giant Rio Tinto (RTP) announced it entered into a deal with rival BHP Billiton and scrapped its US$19.5 billion deal with Chinalco.
On Bay Street, Teck Cominco (TCK.B.TO) has added 3.1% and First Quantum (FM.TO) has added 1.8%.
Tech stocks are up 2.3% as Research in Motion (RIM.TO) has gained 2.2% after its price target was raised to US$104 from US$80 by Barclays.
Gold stocks are down 3.1% and materials stocks have lost 1% as gold for immediate delivery fell $19.50 to $961.70 in Comex trading. Iamgold (IMG.TO) has lost 3.1%, Agnico-Eagle Mines (AEM.TO) is down 2.8% and Goldcorp (G.TO) has dropped 2.4%.
The key Energy Index is up 0.6% as crude oil has dropped slightly amid choppy trading on the NYMEX. Suncor (SU.TO) has added 2.7% to lead the gainers.
Canadian Superior Energy (SNG.TO) has added 2.25%. The natural gas producer has received an extension to July 24 to prepare a restructuring plan for its creditors, according to The Canadian Press.
Pengrowth Energy (PGH.TO) has lost 0.6% after the shares were downgraded to Neutral from Buy at UBS.
In other corporate news, Magna International (MG.A.TO) has added 6.9% amid reports the automaker's deal with Opel may run into trouble because of Opel's pension obligations.
Reko International Group (REK.TO) has surged 16.5% after the company reported third quarter net income of C$0.2 million or C$0.05 per share, compared to a net loss of C$0.4 million or C$0.05 per share in the same quarter of the prior year.
Canadian employment decreased by 42,000 in May, according to data released Friday by Statistics Canada. The unemployment rate rose by 0.4 percentage points to 8.4%, the highest rate in 11 years.
Economists were looking for unemployment to rise to 8.3% after coming in at 8% in April and for employment to fall 36,500 jobs in May.
Meanwhile, a U.S. Labor Department report showed that non-farm payroll employment fell by 345,000 jobs in May following a revised decrease of 504,000 jobs in April. Economists had expected a decrease of about 520,000 jobs compared to the loss of 539,000 jobs originally reported for the previous month.
At the same time, the Labor Department said that the unemployment rate jumped to 9.4 percent in May from 8.9 percent in April.
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