RTTNews - Toronto stocks have moved slightly lower on Friday, giving back some of yesterday's gains as investors mulled over key jobs reports on both sides of the border. Weakness in the gold sector balanced out a rise for technology stocks.
The S&P/TSX Composite Index is down 29.41 points or 0.28% to move at 10,447.83. The market had opened higher, but gave back the gains within the first 15 minutes of trading.
Gold stocks are down 4.1% and materials stocks have lost 2.1% as the precious metal fell $21.30 to $961 an ounce on the Comex. Eldorado (ELD.TO) has dropped 4.75%, Iamgold (IMG.TO) has declined 4.6%, Agnico-Eagles (AEM.TO) is down 4.5% and Barrack Gold (ABX.TO) has slipped 3.7%.
Meanwhile technology stocks are showing a 2.1% gain. Research in Motion (RIM.TO) is up 2.2% after the Blackberry maker was had its price target raised to US$104 from US$80 by Barclays.
In corporate news, Magna International's (MG.A.TO) deal with Opel may run into trouble because of Opel's pension obligations, according to reports. Magna's stock is up 0.6%.
Reko International Group Inc. (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.
WestJet Airlines (WJA.TO) is up 0.65% despite having its price target cut to C$11 from C$14 by RBC.
Meanwhile, 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
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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