Canadian Stocks Lack Direction Following Jobs Data

(RTTNews) - Following the sharp pullback seen in the previous session, Canadian stocks have shown a lack of direction over the course of the trading day on Friday.

The benchmark S&P/TSX Composite Index has bounced back and forth across the unchanged line and is currently up 100.37 points or 0.4 percent at 24,684.41.

The choppy trading on Bay Street comes as traders digest monthly employment data from both sides of the border.

Statistics Canada released a report showing Canadian employment inched up by just 1,100 jobs in February, while the unemployment rate was unchanged at 6.6 percent.

Job gains in wholesale and retail trade and finance, insurance, real estate, rental and leasing were largely offset by declines in professional, scientific and technical services and transportation and warehousing.

Meanwhile, the Labor Department released a report showing employment in the U.S. increased by slightly less than expected in the month of February.

The report said non-farm payroll employment climbed by 151,000 jobs in February after rising by a downwardly revised 125,000 jobs in January.

Economists had expected employment to grow by 160,000 jobs compared to the addition of 143,000 jobs originally reported for the previous month.

The report also said the unemployment crept up to 4.1 percent in February from 4.1 percent in January, while economists had expected the unemployment rate to remain unchanged.

Despite the lackluster performance by the broader markets, energy stocks have moved sharply higher amid an increase by the price of crude oil, driving the S&P/TSX Capped energy Index up by 2.9 percent.

Telecom and utilities stocks are also seeing considerable strength on the day, while most of the other major sectors are showing more modest moves.