Market Herald logo

Subscribe

Be the first with the news that moves the market

Canada’s main stock index was up 56.87 points at 11:10 am ET today, hitting another all-time high.

The index was boosted by strong financial stocks and higher corporate earnings as the index continues its record gains.

Statistics Canada released its Labour Force Survey for October today. The data showed that while unemployment continued its decline for the fifth consecutive month, hitting a 20-month low of 6.7 per cent, employment remained largely unchanged compared to September.

31,000 jobs were added in October, 0.2 per cent higher than September’s increase.

“Industry was expecting a bit of a slowdown, and that’s okay. I think the previous months have been pretty strong, so it’d be more a case of growth moderating,” Colin Cieszynski, chief market strategist at SIA Wealth, told Reuters.

With 23.8 per cent of Canadians still working from home, Canadian participation in the labour force is at or above pre-pandemic levels for most age groups, according to the Statistics Canada survey. This is in contrast to the “Great Resignation” in the United States, where labour force participation is down 1.7 per cent.

Although the job market is looking up, yesterday’s International Merchandise Trade report showed that continued shortages on semiconductor chips in September affected motor vehicle production, which was down 17.9 per cent since August and 40.2 per cent since September 2020.

And while total exports were down 2.3 per cent, crude oil exports were up 7.2 per cent in September, buoyed by rising prices.

Market movers

Trending today are these stories from The Market Herald Canada:

Sprout AI (CSE:SPRT) released yet another update on last month’s trading volatility. Effective today, Sprout AI will begin trading on the CSE under the symbol BYFM.

Saturn Oil & Gas (TSXV:SOIL) announced that it has completed its third quarter drilling and workover program at the Loverna property.

A subsidiary of Pure Extracts Technology Corp. (CSE:PULL) announced that it will provide Abba Medix Corp. with products from its line of full-spectrum oil THC vape and CBD gummy products.

Companies announcing capital raises include:

Winshear Gold, a mineral development company focused on projects in Peru, cybersecurity company Plurilock, and Maven Brands, a cannabis producer.

More From The Market Herald
The Market Herald Video

" Today’s market summary: all eyes on commodities as recessionary fears deepen

The TSX fell in early Wednesday trading on weakness in health care and technology stocks.
The Market Herald Video

" Today’s market summary: energy stocks turn the TSX from loss to gain

The saying that the morning shows the day did not apply on Tuesday to Canada’s main stock index, as the fall it experienced
The Market Herald Video

" Today’s market summary: TSX ends three-week winning streak despite huge gains in Canadian job figures

The positive news from Statistics Canada on Friday that Canada added more jobs than expected in May was not enough to keep Canada’s
The Market Herald Video

" Today’s market summary: rising interest rates tame red hot home sales

The TSX was down by 0.59 per cent in early Friday trading on weakness in mining and tech.