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Canadian Shares Edging Higher Again

The Canadian stock market edged higher Friday morning, extending gains from previous session, amid expectations global central banks will step up stimulus to boost sagging economies.

A positive start on Wall Street after data from the Labor Department showed a smaller than expected growth in non-farm payroll employment in September. The report also said the unemployment rate dropped to 3.5% in the month, its lowest level since December 1969.

The smaller than expected increase in employment has raised expectations about an interest rate cut by the Federal Reserve. Additionally, the drop in unemployment level has eased some of the concerns about a potential recession.

The Canadian benchmark S&P/TSX Composite Index was up 58.22 points, or 0.36%, at 16,427.25 around noon.

Among the prominent gainers, Bombardier Inc. (BBD.B.TO) advanced 5.1%, Hexo Corp (HEXO.TO) gained 4%, Barrick Gold Corp (ABX.TO) added 1.7%, Iam Gold Corp (IMG.TO) firmed up 1.5% and B2Gold Corp (BTO.TO) rose 1.4%.

Yamana Gold (YRI.TO), Kinross Gold Corp (K.TO) and Bank of Nova Scotia (BNS.TO) were also up in positive territory, albeit with modest gains.

Crescent Point Energy (CPG.TO) declined 2.4%, Encana Corporation (ECA.TO) eased byu about 1.85%, First Quantum Minerals (FM.TO) shed about 1.4% and Aurora Cannabis (ACB.TO) was down 1.6%.

Shares from materials, consumer discretionary, financial and information technology sections were among the notable gainers. Healthcare and energy shares drifted lower.

In Canadian economic news, Canada's trade gap decreased to C$ 0.96 billion in August 2019 from an upwardly revised C$ 1.38 billion in the previous month. Canada's trade surplus with the United States widened from C$ 4.4 billion in July to C$ 4.9 billion in August.

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