The S&P/TSX Composite Index climbed about 0.5% on Friday, moving above the 33,050 level as investors weighed signs of a cooling domestic labor market against higher crude oil prices and persistent geopolitical tensions.
Canada’s labor market weakened in February, with the unemployment rate rising to 6.7% and a loss of 83,900 jobs. This pointed to a more pronounced slowdown in the domestic economy and reinforced expectations for a looser monetary policy stance from the Bank of Canada.
At the same time, soft US GDP data bolstered bets on more accommodative policy from the Federal Reserve. That backdrop supported credit-sensitive heavyweight Shopify, which gained more than 2%, while major financial institutions, including RBC, TD Bank, and BMO, advanced over 1%.
In contrast, leading mining stocks struggled to fully capitalize on higher bullion prices, as a stronger US dollar limited the upside for gold-related margins.
