Newspaper article The Canadian Press

Declining Commodity Prices Push TSX Lower; New York Indexes Rise on Jobs Report

Newspaper article The Canadian Press

Declining Commodity Prices Push TSX Lower; New York Indexes Rise on Jobs Report

Article excerpt

Declining commodity prices push TSX lower

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TORONTO - Declining commodity prices pushed the Toronto stock market to a lower close Friday, even as solid U.S. jobs data boosted stocks south of the border.

The Toronto Stock Exchange's S&P/TSX composite index lost 53.92 points to 13,440.44, led by the energy sector, which slipped 2.6 per cent.

The commodity-sensitive Canadian dollar also declined, slipping 0.16 of a U.S. cent to 76.84 cents US.

The May contract for benchmark North American crude fell $1.55 to US$36.79 a barrel on the heels of comments by officials in Saudi Arabia, who said they would only freeze oil output if other major producers, including Iran, also agree to do so.

June gold fell $12.10 to US$1,223.50 a troy ounce, May copper shed two cents to US$2.16 a pound and May natural gas was unchanged at US$1.96 per mmBtu.

Despite the dip in the price of gold, the metals and mining sector of the TSX was up 1.33 per cent, while global gold stocks climbed 0.78 per cent and the materials sector rose 0.53 per cent.

The situation south of the border was a little rosier, with all of the main New York indexes higher after the U.S. government reported that private employers added 215,000 jobs in March, slightly more than expected.

In New York, the Dow Jones industrial average was up 107.66 points at 17,792.75, while the broader S&P 500 added 13.04 points to 2,072.78 and the Nasdaq composite rose 44.69 points to 4,914.54.

In other economic news, U. …

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