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Canada's main stock index closed at a record high on Friday, August 6, as the country reported a dip in its unemployment rate for the month of July 2021.
The Canadian economy is said to have added around 94,000 new jobs in July amid part-time openings in the retail and food services industries. As a result, the unemployment rate dipped to 7.5% in July, down from 7.8% in the previous month.
A favorable impact of this change was witnessed across sectors, with the energy and financial sectors gaining 1.02% and 1.20%, respectively. Additionally, base metals and healthcare sectors also showed positive momentum.
The S&P/TSX composite Index gained 99.94 points or 0.49% to close at a record high of 20,475.42 on Friday.
1-Year Price Chart. Analysis by Kalkine Group
Gainers and Losers
Actively Traded Stocks
The most actively traded stocks on the TSX on Friday were Enbridge Inc, with a trading volume of 15.43 million, followed by Bombardier Inc, with that of 14.42 million, and Manulife Financial Corporation, with that of 12.28 million.
Wall Street Update
Amid better-than-expected job statistics and increased concerns about monetary policy prospects, Wall Street noted a mixed performance on Friday.
The Dow increased 144.26 points or 0.4% to 35,209, while the S&P 500 gained 7.42 points or 0.2% to 4,437. The Nasdaq dropped 59.36 points or 0.4% to 14,836.
Commodity Update
Gold showed a substantial move to the downside and traded at US$ 1,763.10/oz, down 2.53%.
Brent Crude Oil fell 0.83% to US$ 70.70/bbl, while WTI Crude Oil witnessed more pressure as it fell by 1.17% to US$ 68.28/bbl.
Currency News
The Canadian Dollar lost some ground against the US Dollar on Friday, while USD/CAD closed at 1.2552, up 0.36%.
The US Dollar index ended in green at 92.80 against the basket of major currencies on Friday, reflecting a surge of 0.60% from the previous day’s close.
Money Market
The US 10-year bond yield jumped 6.54% on Friday and closed at 1.305. The surge was due to the highest job gain recorded by the US Labor Department for the month of July 2021.
The Canada 10-year bond yield also rose for the third straight session and ended at 1.240, up 5.44%.
