Energy stocks gain as oil closes up 6 per cent
Oil prices surged 6 per cent Friday to end the week around 8 per cent higher. The lift to energy stocks spread to other sectors and the main index of the TSX closed up almost 1 per cent.
Wall Street saw lower gains but remained positive but it was the worst week for stocks in over a month.
Elsewhere, Asia closed mixed with the Nikkei gaining despite further strengthen of the yen. European markets closed higher on the oil rebound.
The S&P/TSX Composite Index closed up 130.3 (0.98 per cent)
The Dow Jones closed up 35.00 (0.20 per cent)
Oil is trending higher (Brent $41.75, WTI $39.55 at 4.40pm)
Gold is trending higher (1241.50 at 4.40pm)
The loonie is valued at U$0.7690
Canada’s workforce grew by 41,000 in March
Statistics Canada reported Friday that there was a 0.2 per cent growth in the workforce in March. The additional 41,000 jobs were mostly found by 25-54 year olds with gains in Alberta, Manitoba, Nova Scotia and Saskatchewan. Employment declined in PEI and was little changed elsewhere. The unemployed rate dropped 0.2 percentage points to 7.1 per cent.
Quarterly, the labour force grew by 0.2 per cent for the fourth consecutive quarter. Annually, growth was 0.7 per cent with full-time showing the strongest gains.
Seniors plan to stay in family homes
Downsizing in retirement seems to be falling out of favour. A report by HomEquity Bank and Ipsos Canada reveals that more seniors are choosing to stay in their family home on retirement and refinance to pay for renovations. More than half (58 per cent) of those aged over 55 plan to stay put with 62 per cent dipping into savings for renos and 25 per cent using a reverse mortgage or HELOC to pay for updates to their homes.