RTTNews - Canadian stocks rallied again on Friday as traders showed encouragement from an assortment of earnings news and a better-than-forecast U.S. jobs report.
The S&P/TSX Composite Index gained 91.96 points or 0.85% to finish at 10,885.33. The gain was the fifth in six sessions for the main index.
The market had dropped more than 2% on Thursday. Despite that, Bay Street's main index rose more than 175 points on the week and reached a multi-week high above 11,000 on Wednesday.
The Industrial Index jumped 3%, led by SNC-Lavalin (SNC.TO). The engineering and construction company gained 3.1% 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 added 2.2% as Telus Corp. (T.TO) has surged 6.1%. 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.
Manitoba Telecom Services (MBT.TO) lost 1.9% 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.
In other corporate news, Nuvo Research (NRI.TO) 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.
Thomson Reuters (TRI.TO) rose 1.3% after announcing its shareholders overwhelmingly approved the proposal to unify its dual listed company structure.
Manulife Financial (MFC.TO) lost 1.2% after the stock was downgraded to Underform from Neutral at Credit Suisse.
Sun Life (SLF.TO) rose 1.5%, recouping some of yesterday's weakness, 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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