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TSX ends up 208.59 points, or 1.1%, at 19,449.81
For the week, the index falls 0.1%
Materials group climbs 5.9%
Yamana Gold surges 18.15
TORONTO, Nov 4 (Reuters) – Canada’s main stock index rose on Friday, clawing back almost all of its weekly decline, after robust domestic jobs data and as commodity prices jumped on hopes that China would loosen its strict COVID-19 measures.
The Toronto Stock Exchange’s S&P/TSX composite index ended up 208.59 points, or 1.1%, at 19,449.81. For the week, it was down 0.1%.
U.S. stocks also closed higher in volatile trade to snap a four-session losing streak as investors wrestled with a mixed jobs report and comments from Federal Reserve officials on the pace of interest rate hikes.
The Toronto market’s materials sector, which includes precious and base metal miners, led gains, climbing 5.9% as gold and copper prices rose.
China, a major consumer of commodities, will make substantial changes to its “dynamic-zero” COVID-19 policy in coming months, a former Chinese disease control official told a conference hosted by Citi.
Among the major gainers was, Yamana Gold Inc. Its shares surged 18.1% after the company received an unsolicited near $5 billion takeover offer from Agnico Eagle Mines Ltd and Pan American Silver Corp.
Shares of Enbridge Inc gained 1% after the company announced an expansion of the southern segment of its British Columbia pipeline system.
Heavily-weighted financials rose 1.9% but technology was a drag, ending 4.1% lower.
Canada’s economy gained 108,300 jobs in October, ten times higher that forecasts, while the jobless rate held steady at 5.2%, bolstering bets of another outsized interest rate from the Bank of Canada in December. (Reporting by Fergal Smith; Additional reporting by Shashwat Chauhan in Bengaluru; Editing by Chris Reese)