Gold Stocks Continue To Lead Modest Gain For TSX - Canadian Commentary

(RTTNews) - Canadian stocks remained moderately higher as a strong day in the gold sector outweighed concern over jobs data. The market is headed toward a fourth straight daily gain.

The S&P/TSX Composite Index has added 38.95 points or 0.34% to move at 11,219.36.

Gold stocks have surged 3.1% after the precious metal reached above $1,100 for the first time. Royal Gold (RGL.TO) has added 8.3%, Iamgold (IMG.TO) has added 4.7% and Agnico-Eagle Mines (AEM.TO) has climbed 2.8%.

Materials stocks are up 1.9%, also boosted by gold’s rally. Agrium (AGU.TO) has added 1.75% after its latest takeover proposal has been rejected by CF Industries Holdings (CF).

SNC-Lavalin (SNC.TO) has climbed 3.9% after the company said its third-quarter net income rose to C$103.1 million or C$0.68 per share from C$91.3 million or C$0.60 per share in the prior year period.

Suncor (SU.TO) reported third-quarter earnings of C$929 million for the recent quarter, compared to C$815 million last year. The stock is flat.

Epsilon Energy (EPS.TO) has dropped 2.9% after the company reported third quarter net loss of US$2.8 million or US$0.06 per share, compared to a net loss of US$148 thousand or US$0.00 per share in the prior year quarter.

Air Canada (AC-B.TO) is up 4.8% after the company reported that its third-quarter net income was C$277 million or C$2.44 per share, compared to a loss of C$132 million or C$1.32 per share in the same quarter last year.

Brookfield Asset Management (BAM-A.TO) has slid 2.5% after the company reported its net income for the third quarter dropped to US$ 112 million or US$ 0.17 per share from US$ 171 million or US$ 0.27 per share in the same quarter last year.

Lassonde Industries (LAS.A.TO) has added 2.5% after the company posted third quarter net earnings of C$7.3 million or C$1.10 per share, compared to C$6.0 million or C$0.90 per share in the year-ago quarter.

Telus (T.TO) has dropped 1.4% after announcing third quarter earnings fell to C$0.88 from C$0.89 a year ago.

Statistics Canada said Friday morning that employment decreased by 43,000 in October, all in part time. This drop pushed the unemployment rate up 0.2 percentage points to 8.6%.

The U.S. Labor Department reported the unemployment rate jumped to 10.2 percent in October from an unrevised 9.8 percent in September. The number had been expected to see a more modest increase to 9.9 percent.

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