TSX Wavers After Weak Jobs Data

The S&P/TSX Composite Index hovered near 35,500 in a volatile session on Friday after weaker-than-expected jobs data. Canadian employment fell by 4,700 in October, improving from September’s 68,300 decline but missing forecasts of a 13,600 increase. Private-sector employment dropped by 53,000 (-0.4%), its first decline since February. The unemployment rate edged up to 6.7%, a six-month high. Losses were broad-based: major banks fell, with RBC down nearly 1% and BMO about 0.5%; retailers also declined, with ATD losing over 1%; and Enbridge shed 2%. On Thursday, the index suffered its steepest daily decline in five months, dragged down by sharp technology losses after a Wall Street rout. The sector rebounded on Friday, tracking US gains: Shopify rose over 2.5% and Celestica nearly 4% after slumping 12.7% in the prior session. Energy stocks gained despite slightly lower oil prices, while miners were mostly down amid lower gold prices.