Canadian stock market extends rising streak over US jobs data

Toronto Stock Exchange, Canada's largest stock exchange, on Friday continued to rise a fourth consecutive trading day as the better-than-expected U.S. jobs data helped push it higher. The benchmark S&P/TSX composite index of the stock market advanced 101.08 points, or 0.69 percent, to 14,765.15 points, hitting its highest point in nearly six years with all but two of the eight most weighed groups closing higher. The market was stimulated by the strong data of the U.S. labor market, which built up more confidence in the prospect of the world's biggest economy. The U.S. Labor Department said Friday that the economy added 288,000 jobs in April, far better than the 205,000 jobs economists had predicted. The unemployment rate fell to 6.3 percent in April, which logged the best record in more than five years. Equity investors were also encouraged by the better vision of Canada's exports. According to a new report from Export Development Canada (EDC), the government's export credit agency, a resurgent U.S. economy, along with growth in the emerging markets, should trigger a rebound in exports starting in the second half of the year. The industrial sector increased 1.26 percent. Canadian Pacific Railway Ltd. gaining 1.12 percent to 173.25 Canadian dollars ( about 157.83 U.S. dollars), and CAE, the Quebec-based global leader in modeling, simulation and training for civil aviation and defense also increased 1.11 percent to 14.6 Canadian dollars a share. The IT sector, which rebounded with great momentum this week, added 1.16 percent with its leading company Blackberry going up 2. 4 percent to close at 8.95 Canadian dollars per share. However, the health care and mining sectors lost ground by 0.16 percent and 0.09 percent, respectively. On the currency front, The Canadian dollar on Friday went down to 0.9110 U.S. dollar from 0.9124 U.S. dollar Thursday, as the better-than-expected U.S. employment figures drove gains to the greenback.