TSX up more than 1 per cent as oil continues higher
The main index of the Toronto Stock Exchange enjoyed a strong finish to the week despite jobs data causing concern. Oil prices continued their advance buoyed by an IEA report suggesting the market may already have reached its low.
Major indexes across Asia, Europe and North America all closed higher as a wave of sentiment spanned the globe on oil and European Central Bank stimulus. Not even China’s weak economy dented investors’ spirit.
The S&P/TSX Composite Index closed up 142.9 (1.07 per cent)
The Dow Jones closed up 218.2 (1.28 per cent)
Oil is trending higher (Brent $40.46, WTI $38.55 at 4.30pm)
Gold is trending lower (1250.80 at 4.30pm)
The loonie is valued at U$0.7553
Canada’s lost 2,300 jobs, unemployment up to 7.3 per cent
Data from Statistics Canada showed a disappointing move for the country’s job market. There were 2,300 fewer jobs in February with full-time jobs lost as part-time ones gained. In percentage terms there was no change from January. The unemployment rate edged higher for the third consecutive month, up 0.1 per cent to 7.3 per cent. On a year-over-year basis, employment grew by 0.7 per cent (+118,000), with the gains mostly coming from full-time work.
Employment increased among men aged 55 and older in February, while the other demographic groups saw little change. Saskatchewan, New Brunswick and Prince Edward Island registered employment declines, whereas British Columbia recorded an increase. There was little change in the remaining provinces.
Household debt has increased to $1.65 for every income dollar
Household debt has continued its upward trajectory with the ratio of debt to income rising in the fourth quarter to 165.4 per cent. StatsCan reported Friday that national net worth advanced 2.5 per cent or $236.3 billion from the third quarter to $9,747 billion at the end of the fourth quarter mainly due to financial assets.
Household sector net worth at market value rose 1.6 per cent to $9,479 billion. On a per capita basis, household net worth was $263,200, up 1.5 per cent from the previous quarter. Financial assets increased 2.2 per cent following two consecutive quarterly declines.
More market talk: