Markets rally despite weak employment figures
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Unemployment figures disappointed Friday, but markets on both sides of the border finished their best week early November. A tide of good earnings and overall promising sentiment on the vaccine front continued to lift stocks. The TSX rose 0.47% to make a new closing high of 18,125. Materials and energy fuelled the Toronto rally as the price of WTI made new one-year highs just short of $57 and WCS jumped 4% to $46.50.
Notable gainers included Polaris Infrastructure up 8.19%, Peyto Exploration at 7.19% and Eldorado Gold, which popped 12% after announcing it will open a Greek mine. Blackberry, which has enjoyed a wild ride by the Reddit short sellers, leapt 8.33%. Not faring as well were Sleep Country Canada, down 7.68%, and cannabis-maker Medipharm Labs, slipping 6.1%. For now at least, investors overlooked the rise in unemployment to 9.4%, as the street badly underestimated January’s unemployment numbers.
In the States, employment gains missed the street’s predictions, though unemployment did fall to 6.3% and expectations for more stimulus from Washington calmed investors. Though volumes were lower than usual, the major indices rose between 0.3% and 0.57%. Again, tech stocks led the rally as the Nasdaq gained 6% for the week. Activision Blizzard delivered a blow-out quarter and forecast, and the stock soared 9.64%. Exxon Mobil rose 3.35% on the momentum of the oil price, while Nike rallied 3.19%. In contrast, T-Mobile dropped 4% on a mixed Q4 report.
♻ Polaris Infrastructure +8.19
🛢 Peyto Exploration & Develop. +7.19%
🥇 Eldorado Gold +12%
📱 BlackBerry +8.33%
😴 Sleep Country Canada Holdings -7.68%
🌿 Medipharm Labs Corp -6.10%
🎮 Activision Blizzard +9.64%
🛢 Exxon Mobil +3.35%
👟 Nike Inc +3.19%
📱 T-Mobile US -4%
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