By Robb M. Stewart


Stocks on Canada's main exchange were in the red Friday and look set to narrow the week's advance for the benchmark index to 1.4%.

At midday, the Toronto Stock Exchange's S&P/TSX Composite Index was 0.3% lower at 22175.37. The finance sector led broad losses, with mining stocks one of only a few pockets of strength.

The blue-chip S&P/TSX 60 was 0.4% weaker at 1322.07.

Data released early in the day showed that hiring in the country stalled last month and the jobless rate rose by more than expected, helping counter the recent surprise acceleration in inflation and leaving the door open to a further cut in interest rates when the Bank of Canada holds its policy meeting later in the month.

The major banks were each lower, led by Bank of Montreal's 0.8% drop.

Energy stocks also were down sharply, with Athabasca Oil losing 3%, Cenovus Energy down 2.2% and Suncor 2.6% lower despite crude oil prices ticking higher as some companies evacuated personally from oil platforms in the Gulf of Mexico as Hurricane Beryl remains a threat.


Other market movers:

Teck Resources gained 1.4% to C$69.93 after the Canadian government approved Glencore's acquisition of the Canadian mining company's steelmaking coal business.

Victoria Gold's shares were down 7.4% at C$0.88, widening the year-to-date fall to 87% after the miner scrapped its production and cost guidance for 2024 while its Eagle gold mine in Yukon remains suspended following a failure a heap leach pad.


Write to Robb M. Stewart at robb.stewart@wsj.com


(END) Dow Jones Newswires

07-05-24 1236ET