By Adriano Marchese
Stocks in Canada were firmly higher mid-trading on Friday. The labor-force survey for October showed that Canada added 108,000 new jobs last month, beating consensus estimates for only a 7,500 increase. The services-producing sector created the lion’s share of the new jobs followed by the manufacturing and construction sectors. Unemployment rate remained virtually unchanged at 5.2%. In the session, tech services was the outsized laggard, while materials posted the largest gains. Yamana Gold Inc. shares jumped after Agnico Eagle Mines Ltd. and Pan American Silver Corp. made an offer to buy company in with consideration value of US$4.8 billion, outbidding an original offer by Gold Fields Ltd.
Canada’s S&P/TSX Composite Index was 1.10% higher at 19452.92 and the blue-chip S&P/TSX 60 rose by 0.99% to 1178.57.
Yamana Gold Inc.’s Toronto-listed shares rose 16%, to 8.71 Canadian dollars (US$6.34) after Pan American and Agnico they would offer around US$1.04 in cash, 0.1598 Pan American Shares and 0.0376 Agnico Eagle Shares for a total value of US$5.02 per Yamana share. The original bidder, Gold Fields Ltd., said that its offer remains the superior bid and retains the right to match.
Other market movers:
TELUS Corp. shares were up 1.8%, at C$28.54, after reporting better-than-expected rise in profit as revenue growth benefited from customer additions in the third quarter.
Shares of ATS Automation Tooling Systems Inc. rose by 3.7%, to C$46.27, after announcing new orders from an existing client worth around US$140 million to provide automated battery module capacity expansion and pack assembly systems in North America.
Write to Adriano Marchese at firstname.lastname@example.org