Bay Street Ends Week On High Note, Oil Rebounds -- Canadian Commentary

(RTTNews) - Gains in the energy sector drove Toronto's main index higher Friday, as traders weighed upbeat U.S. jobs data against some mixed tidings for Canada.

The TSX Composite Index was up 66.01 points, or 0.43 percent, to 15,257.97, adding to weekly gains.

Employment in the U.S. jumped by much more than anticipated in the month of July. Non-farm payroll employment surged up by 209,000 jobs in July after spiking by an upwardly revised 231,000 jobs in June. Economists had expected employment to climb by 183,000 jobs.

The news from Canada was less encouraging.

Employment inched up by only 11,000 jobs in July. As the number of people searching for work edged down, the unemployment rate declined by 0.2 percentage points to 6.3%.

This is the lowest rate since October 2008, just prior to the onset of the 2008-2009 labor market downturn.

Meanwhile, Canada's trade deficit unexpectedly widened in June to the fourth-biggest on record.

The Canadian Ivey Purchasing Managers Index edged down to 60.0 in July from 61.6 in June, but was still indicative of economic expansion.

Cellphone service went down for many Atlantic customers of Telus and Bell, the companies said.

Power Corporation of Canada (POW.TO) revealed earnings for its second quarter that rose 30% compared to the same period last year.

GMP Capital Inc.(GMP.TO) quarterly revenues increased to $44 million from $41 million.

Open Text (OTC.TO) rose 4% on ananlyst upgrades.

Crude oil futures rose Friday as industry data showed the U.S. rig count fell.

West Texas Intermediate oil for September delivery rose 1.1% to $49.58/bbl.