Canadian Stocks End Week On A High Note -- Canadian Commentary

(RTTNews) - Canadian stocks rallied Friday, boosted by an upbeat U.S. jobs report that soothed fears of a global economic slowdown.

The U.S. jobs market snapped back to life in June after a dismal month of May, but the Canadian employment situation was no better.

U.S. employment surged up by 287,000 jobs in June versus economist estimates for an increase of about 180,000 jobs.

Meanwhile, the Canadian economy generated few jobs.

Still, the S&P/TSX Composite Index was up 125.38 points, or 0.89 percent, to 14,259.84.

Energy stocks rallied along with crude oil prices, which trimmed significant weekly losses.

August WTI oil was up 27 cents, or 0.6%, to end at $45.41/bbl. Prices were down 7.7 percent for the week, hitting a 2-month low at one point.

Gold stocks jumped 2.5 percent even as gold prices were flat near 28-month highs.

Grocery chain Sobeys and its parent Empire Co. Ltd. (EMP_A.TO) said Friday that President and CEO Marc Poulin has left the company with immediate effect. Shares rose 5 percent.

Poulin's departure comes after Empire incurred huge losses related to its acquisition of Canada Safeway as Sobeys expanded in Western Canada.