Stocks End Week On A High Note -- Canadian Commentary

(RTTNews) - Canadian stocks rose for second session Friday amid economic optimism on both sides of the border.

The TSX Composite Index was up 80.39 points to 16,096.07. Traders were emboldened by rising crude oil prices and a relatively upbeat U.S. jobs report.

The U.S. created 228,000 jobs in November, and the unemployment rate was steady at 4.1 percent. Wage growth was subdued, but the jobs picture remains quite bright.

In corporate news, Kinder Morgan Canada has won approval for its Trans Mountain expansion, bypassing the municipality of Burnaby, BC.

Edward Rogers to replace Alan Horn as chairman of Rogers Communications (RCI.B.TO) board.

Canopy Growth Corporation (WEED.TO) has won a marijuana supply deal with the Province of Newfoundland and Labrador.

Canopy Growth will establish a new production facility in Newfoundland and Labrador capable of producing 12,000 kg per year, bringing 145 jobs.

Looking at commodities, WTI light sweet crude oil was up $1 at $57.72 a barrel. Gold slipped $5 to $1249 an ounce, the lowest since July.

Canadian housing starts rose sharply in November, as both single and multiple urban starts climbed, data from the Canada Mortgage and Housing Corporation showed on Friday.

Canadian industries operated at 85.0% of their production capacity in the third quarter, up from 84.3% the previous quarter, Stats Canada said. This was the fifth consecutive quarterly increase.

Gold prices dropped to their lowest in almost five months Friday, extending recent losses amid speculation the Federal Reserve will raise interest rates early in 2018.

Feb. gold fell $4.70, or 0.4%, to settle at $1,248.40/oz, having dropped 2.6% this week.

Crude oil prices rose amid concerns of supply disruptions from Nigeria, as workers are threatening to strike at a crucial production facility.

Increased demand from China a dwindling U.S. stockpiles also put a floor under oil prices after a swoon earlier in the week.

WTI light sweet crude oil was up 67 cents, or 1.2%, to settle at $57.36/bbl. Still, oil was down 1.5% for the week.