TSX Posts Third Weekly Gain As Insurers Advance -- Canadian Commentary

(RTTNews) - Toronto's main index settled at a fresh three-month high Friday, extending its winning streak to eight days and posting the third weekly advance in a row.

Insurers led the way, while gold miners and health care stocks ended largely in the red.

The S&P/TSX Composite Index added 33.82 points or 0.28% to 12,144.92, and settled up 2.2% for the week. The benchmark index is just a percent short of its yearly high.

Barring an initial advance fueled by a better-than-expected report from the US labor market, the market was relatively quiet throughout the session. Investors paused for breath after the recent string of gains, ahead of the long weekend. The US and Canadian markets will be closed on Monday for Labor Day.

Insurance giant Manulife Financial (MFC.TO) gathered 2.88% and peer Sun Life Financial (SLF.TO) rose 4.82%.

Industrial Alliance Insurance and Financial Services (IAG.TO: News ) added 3.16%. The insurance provider said it acquired the life insurance policies of California-based Golden State Mutual for around $11 million.

Banks also moved higher, with TD Bank (TD.TO) and Scotiabank (BNS.TO) gaining over 1% each.

Heavy-equipment dealer Finning International (FTT.TO) advanced 6.39%. Bombardier (BBD_B.TO) ended up 0.84%.

Coal miner Teck Resources (TCK_B.TO) added 2.37% and copper producer Quadra FNX Mining (QUX.TO) moved up 2.69%.

Goldcorp (G.TO), which outbid an offer by Eldorado Gold for Australia-based gold explorer Andean Resources, dropped 3.66%.

Shares of Andean Resources (AND.TO) soared 45.11%.

Eldorado Gold (ELD.TO) lost 3.12% and Red Back Mining (RBI.TO) gave in 2.20%. Meanwhile, junior explorer Ventana Gold (VEN.TO) advanced 11.52%.

Energy stocks were mixed. Suncor Energy (SU.TO) edged up 0.36% and Talisman Energy (TLM.TO) gained 1.39%, while Canadian Natural Resources (CNQ.TO) eased 0.48%.

October crude oil shed $0.42 to $74.60 a barrel on the New York Mercantile Exchange.

On the economic front, the US Labor Department said non-farm payroll employment fell by 54,000 jobs in August -- a less steep decline compared to the loss of about 120,000 jobs economists had expected. Private sector employment increased for the eight consecutive month, rising by 67,000 jobs. Meanwhile, the unemployment rate edged up to 9.6% in August from 9.5% in July.

A report from the Institute for Supply Management revealed that growth in the US service sector slowed more than expected in August. The ISM non-manufacturing index slipped to 51.5 in August from 54.3 in July, steeper than a decline to 53.6 economists had anticipated.

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by RTT Staff Writer

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