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TSX ends up 0.2%, at 20,196.69
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Canada's economy adds 35,000 jobs in March
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Nine of the 10 major sectors gain ground
(Adds investor quotes and details throughout)
By Fergal Smith
April 6 (Reuters) - Canada's main stock index edged
higher on Thursday, with the market adding to its weekly advance
as investors grew more comfortable moving back into cyclical
sectors and jobs data pointed to resilience in the domestic
economy.
The Toronto Stock Exchange's S&P/TSX composite index ended up 37.14 points, or 0.2%, at 20,196.69.
For the week, it was up 0.5%, its third straight weekly
advance. The market is set to be closed for Good Friday.
"We are seeing a bit of a recovery in most markets after
that selloff with the financial crisis a few weeks ago," said
Greg Taylor, portfolio manager at Purpose Investments.
"We got a recovery in some of the banks, we got a recovery
in some of the energy stocks and we are seeing a bit of rotation
from those safe-haven technology stocks back to the cyclicals.
So that's good for the TSX."
The Toronto market has a heavy weighting in cyclical stocks,
or stocks that are particularly sensitive to the economy, such
as bank and resource shares.
The energy sector gave back some of its recent gains on
Thursday, falling 0.7%. It was boosted earlier in the week by a
jump in oil prices after major producers cut their output
target.
But nine of the TSX's 10 major sectors gained ground,
including a gain of 0.7% for consumer staples, while industrials
ended 0.6% higher.
U.S. benchmark the S&P 500 also rose as investors awaited
U.S. jobs data on Friday amid recent signs of a slowing U.S.
economy.
The Canadian economy added 35,000 jobs in March and the
unemployment rate remained near a record low, a sign of economic
resilience ahead of a Bank of Canada policy meeting next week.
(Reporting by Fergal Smith; Additional reporting by Shristi
Achar A in Bengaluru; Editing by Alistair Bell and Marguerita
Choy)
