Stocks Trim Weekly Gains Despite Strong Jobs Report -- Canadian Commentary

(RTTNews) - Canadian stocks turned lower in early dealing Friday, trimming weekly gains despite an upbeat revision to last month's jobs report.

Employment rose by 42,000 in July in Canada, the result of an large increase in part-time work. The unemployment rate declined 0.1 percentage points to 7.0 percent. This corrects an initial reading showing Canada's economy created only 200 jobs in July.

Even so, the mood was cautious on both sides of the border as traders sifted through a pile of U.S. economic data, looking for signs the recovery in the world's largest economy remains on track.

A gauge of U.S. consumer sentiment in August hit the lowest level in nine months amid geopolitical worries.

The S&P/TSX Composite Index slipped 45 points or 0.30 percent, to 15,245.77, and is poised to end the week just about flat compared to last Friday.

Energy stocks withstood this week's big drop in oil prices, but gold miners fell sharply this morning as U.S. gold futures tumbled $20 to $1,300 an ounce.

In corporate news, Tim Hortons (THI.TO) announced it will finally offer a dark roast in effort to lure picky customers from Starbucks and other coffee houses. Shares were down 0.3 percent.

A British Columbia First Nation has issued an eviction notice to Imperial Metals Corp. (III.TO). Shares still rose 1.3 percent.