Stocks Meet Resistance Near All-Time Highs -- Canadian Commentary

(RTTNews) - Canadian stocks turned lower Friday, trimming recent gains as traders booked profits following a three-day rally.

Toronto's main index, which touched its highest in 20 months yesterday, pulled up short of an all-time closing high.

The S&P/TSX Composite Index was down 90.53 points, or 0.58 percent, to 15,496.05, as energy and financials were fractionally weaker. Gold stocks tumbled 3 percent, halving yesterday's gains.

Traders weighed a flurry of economic news, including an upbeat Canadian jobs report.

In Canada, employment rose by 54,000 in December, but the unemployment rate rose to 6.9%, as more people participated in the labour market.

Meanwhile, Canada posted a trade surplus of $526 million in November, its first since 2014, as exports jumped.

The U.S. added 156,000 jobs in December, short of expectations for jobs growth of 180,000. Still, the unemployment rate held at a healthy 4.7%, and wages per hour continued to rise.

Crude oil futures edged higher even after the Wall Street Journal reported Saudi Arabia has cut production, as promised. Bloomberg, meanwhile, said Kuwait is also enforcing quotas on production.

February West Texas Intermediate crude rose 15 cents, or 0.3%, to $53.90 a barrel on the New York Mercantile Exchange, staying near their yearly highs.

The number of rigs drilling for oil in the U.S. rose by four in the past week to 529, oil-field services company Baker Hughes Inc. said Friday. The rig count is up ten straight weeks, as U.S. producers are getting more active amid stable oil prices.

In corporate news, Eldorado Gold Corp. (ELD.TO, EGO) reported that its Gold production for 2016 slightly lower than the revised third quarter guidance. Shares dropped 5.3 percent.

Jean Coutu (PJC.A.TO) said quarterly net profit slipped to C$0.28 per share compared with $0.31 per share a year ago. Shares were up fractionally.