MW: Canada equities, loonie up after upbeat jobs data
By Myra P. Saefong
SAN FRANCISCO (MarketWatch) -- Canadian equities climbed Friday, with the benchmark index trading more than 2% higher for the week, after the government reported better-than-expected data on the nation's August employment. Statistics Canada said employment rose by 34,000 last month, buoyed by a rise in part-time work, with the unemployment rate holding steady at 7.3%. Employment had fallen by 30,000 in July. The S&P/TSX Composite Index CA:GSPTSE +0.54% rose 86 points, or 0.7%, at 12,226.24, with metals and materials sectors among the biggest gainers as futures prices for gold rallied. The stronger-than-expected rebound in August employment "leaves employment barely higher than three months ago," said David Madani, a Canada economist at Capital Economics. "Dwindling employment gains support our view that the Bank of Canada will be forced to keep interest rates low for much longer yet." Canada's loonie climbed against its U.S. counterpart, with one U.S. dollar USDCAD -0.40% buying 97.98 Canadian cents, down from 98.32 Canadian cents late Thursday.
