(RTTNews) – Despite weak jobs data, the Canadian market is firmly up in positive territory on Friday morning, driven by strong gains in the energy, healthcare, technology and materials sectors. .
The Nasdaq’s rebound following a strong quarterly earnings update from Amazon sent tech stocks higher, while energy stocks rose on firm crude oil prices.
The benchmark S&P/TSX Composite, which climbed to 21,334.34, is up 175.05 points or 0.84% at 21,269.06.
The capped energy index is up 2.3%. Vermilion Energy (VET.TO), Enerplus Corp (ERF.TO), Baytex Energy (BTE.TO), Crescent Point Energy (CPG.TO), Cenovus Energy (CVE.TO), Advantage Oil & Gas (AAV.TO) and MEG Energy (MEG.TO) gained 4-6%.
The information technology index is up 2.1%. Hut 8 Mining (HUT.TO) is soaring over 9% and Shopify Inc (SHOP.TO) is up almost 9%. Lightspeed Commerce (LSPD.TO), Converge Technology Solutions (CTS.TO) and Kinaxis Inc (KXS.TO) are up 3-4%.
The Capped Materials index rose nearly 1.5%. Turquoise Hill Resources (TRQ.TO), Lithium Americas Corp (LAC.TO), Methanex Corp (MX.TO), New Gold (NGD.TO), Iamgold (IMG.TO), Eldorado Gold (ELD.TO) and Hudbay Minerals (HBM.TO) gain 3-4%.
The capped health care index is up more than 2.5%. Canopy Growth Corp (WEED.TO), Tilray Inc (TLRY.TO), Aurora Cannabis (ACB.TO) and Cronos Group (CRON.TO) gain 4.5-6%.
Data released by Statistics Canada showed that the Canadian economy lost 200,100 jobs in January 2022, after an upwardly revised gain of 78,600 in December 2021. It was the first decline in employment since May 2021.
Full-time employment in the country fell by 82,700 in January, while part-time employment fell by 117,400 during the month.
Canada’s unemployment rate rose to 6.5% in January, from an upwardly revised rate of 6% the previous month.
The average hourly wage in Canada increased to CA$31.22 in December 2021 from the previous month.
A report from the Richard Ivey School of Business indicates that the Ivey Purchasing Managers Index in Canada rebounded to 50.7 in January 2022 from 45 the previous month.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.