Rally Will Be Tested By Weak Jobs Data -- Canadian Commentary

(RTTNews) - Canadian stocks will look to end a choppy week on a strong note Friday despite downbeat jobs news from both sides of the border.

Canada lost 5,700 jobs in January and the economy's unemployment rate inched up to 7.2 percent.

Meanwhile, there are signs that the US economy is suffering its third straight winter lull.

The US added just 151,000 nonfarm jobs in the first month of 2016, the Labor Department said Friday. Although the jobless rate fell to 4.9 percent, economists expected more robust jobs growth.

Bay Street had been in a chipper mood since mid-week as miners staged a dramatic rebound on the back of a weaker US dollar.

Energy stocks should perform reasonably well, as WTI crude oil for March was up 27 cents at $32 a barrel, staying away from last month's 12-year lows.

Miners will be in focus after yesterday's huge gains. The Diversified Metals and Mining Index skyrocketed higher by 13 percent, the best daily performance in recent memory.

In corporate news, Genworth MI Canada (MIC.TO) announced a 14 percent increased profit for the fourth quarter.

Saputo Inc. (SAP.TO) released earnings for its third quarter that rose 13 percent from last year.