Canadian stocks inched slightly higher on Friday, setting at their highest since September on the strength of a encouraging U.S. jobs report.
Gains were subdued, as Canada's unemployment rate unexpectedly edged higher in January.
The S&P/TSX Composite Index added 23.80 points or 0.19 percent to 12,577.28, after gaining just over 100 points or 1 percent in the past three sessions.
The Diversified Materials Index was up 2 percent, led by First Quantum Minerals (FM.TO) and Thompson Creek (TCM.TO).
Metal mining company Magma Metals (MMW.TO) skyrocketed 76 percent to C$0.145 after announcing that Panoramic Resources Ltd. (PAN.AX) has made an unsolicited proposal to acquire all of the Magma shares it does not currently own, in exchange of 2 Panoramic shares for every 17 Magma shares held.
Paper products company Domtar Corp. (UFS.TO) edged up 2 percent after saying earnings were $93 million, lower than $103 million, while adjusted earnings per share rose to $2.49 from $2.41 a year ago. Analysts were expecting the company to report earnings of $2.24 per share this quarter.
Interactive technology products company SMART Technologies (SMA.TO) announced adjusted net income was $16.7 million or $0.14 per share, up from $15.9 million or $0.13 per share in the same period last year. Analysts were expecting the company to report earnings of $0.13 per share this quarter. The stock lost 12 percent.
Canada's unemployment rate unexpectedly edged higher in January, as employers added to payrolls at a slower pace the labor force grew, according to official data released Friday.
The unemployment rate edged up 0.1 percentage points to 7.6 percent as more people searched for work. 2,300 jobs were added across the nation last month.
The U.S. economy added far more jobs than were expected in the month of January, according to new government statistics released Friday, with the job growth unexpectedly pushing the unemployment rate down to 8.3 percent, its lowest level in almost 3 years.
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