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North West Co shoots to top of TSX on multiple PT raise
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Canada adds more jobs than expected in March
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Unemployment remains at record low
By Shristi Achar A
April 6 (Reuters) - Canada's main stock index fell for a
third straight day as miners weighed on commodity-heavy index,
while weak U.S. jobless claims data fanned fears of a potential
recession.
At 10:28 a.m. ET (1428 GMT), the Toronto Stock Exchange's
S&P/TSX composite index was down 20.47 points, or
0.1%, at 20,139.08.
Rate-sensitive technology stocks fell 0.8%,
mirroring declines in their Wall Street peers as the tech-heavy
Nasdaq headed for a weekly fall for the first time in
four weeks. The materials sector , which includes precious and
base metals miners and fertilizer companies, lost 0.6% as spot
gold prices fell. "It is a combination of a pullback in commodity prices
impacting resource sectors and generally weak sentiment for
North American equity markets being driven out of the United
States," said Colin Cieszynski, chief market strategist at SIA
Wealth Management.
Latest employment data showed that the Canadian economy added
more jobs than expected in March and the jobless rate remained
near a record low for the fourth consecutive month, indicating
continued strength in the labor market despite growing worries
of an economic slowdown.
Meanwhile, a poll by Reuters showed that economists expected
the Bank of Canada (BoC) to keep its key interest rate steady at
4.50% through 2023.
"The more important number for the BoC is the wage growth number which came down, suggesting inflation pressures are easing and would support the Bank of Canada remaining in its pause mode," Cieszynski added.
The TSX is eking out weekly gains, buoyed by commodity-linked stocks. Among major movers, North West Co rose 5.2% as multiple brokerages raised their price targets on the retailer after its fourth-quarter profit beat.
Canadian markets will be closed on Friday, April 7 on
account of Good Friday.
(Reporting by Shristi Achar A in Bengaluru)
