Source: The Canadian Press

The Toronto stock market closed higher Friday amid data showing much better than expected job growth in the United States in October along with slower job growth in Canada.

The S&P/TSX composite index ended the session off early triple digit gains because of losses in energy and industrials stocks, closing up 46.32 points at 12,925.11. TSX Venture Exchange gained 14.46 points to 2,008.92.

The U.S. Labour Department reported that the American economy cranked out 151,000 jobs last month against an expected gain of 70,000. Private employers hired 159,000 workers, while governments at all levels shed only 8,000 jobs, a much better showing than September’s sharp drop.

The U.S. unemployment rate was unchanged at 9.6%.

Meanwhile, the Canadian dollar hit parity with the U.S. dollar several times during the session, reaching that level for the first time since Oct. 14 amid disappointing domestic jobs data.

But the loonie failed to close above that line, finishing up 0.2 of a cent at 99.96 cents US as the greenback strengthened against a number of currencies — but not the Canadian currency — after the release of the employment data.

Statistics Canada reported that the economy created just 3,000 new jobs in October, well below economists’ consensus expectations of a jobs gain of 15,000.

But the data also showed that 47,000 full-time jobs were added against a loss of 44,000 part-time workers.

“(The) report continues to highlight a slowing pace of job creation, but more gradually than appears on the surface,” said TD Bank deputy chief economist Derek Burleton.

“In particular, a shift toward full-time positions and ongoing growth in total hours worked are bright spots.”

The financial sector was a strong source of support, up 0.8%. Manulife Financial (TSX:MFC) ran up 68 cents, or 4.82%, to $14.79 on top of a gain of almost 10% Thursday following the release of its latest earnings report.

TD Bank (TSX:TD) advanced 61 cents to $74.94.

Commodity prices were higher following the release of the U.S. employment data.

The base metals sector gained 2.1% as the December copper contract rose four cents to US$3.95 a pound. Teck Resources (TSX:TCK.B) was ahead $1.91 at C$49.71 and Thompson Creek Metals (TSX:TCM) climbed 68 cents to $13.13.

The energy sector was flat with the December crude contract on the New York Mercantile Exchange up 36 cents at US$86.85 a barrel. Suncor Energy (TSX:SU) gained 27 cents to C$35.75, while Cenovus Energy (TSX:CVE) lost 41 cents to $29.40.

Gold stocks were weak even as the December contract on the Nymex closed ahead $14.60 at US$1,397.70 an ounce.

The telecom sector was higher with Telus Corp. (TSX:T) shares up $1.32 at $45.73 as the company said its operating revenue improved to $2.46 billion from $2.41 billion in the latest quarter, in line with analyst estimates. About half the company’s revenue was from its wireless business, where revenue increased by 6.3% to $1.28 billion.

Telus also said its dividend will rise to 52.5 cents per share starting in January, up 2.5 cents from dividends paid in the second and third quarters, and up five cents from the first-quarter dividend of 47.5 cents.

New York markets were little changed following Thursday’s solid advances.

Stock markets rallied sharply Thursday with Toronto and New York indexes racking up strong triple-digit advances a day after the U.S. Federal Reserve announced that it will buy US$600 billion in government bonds over the coming eight months in a fresh attempt to energize the U.S. economy.

The measure is known as quantitative easing, which is aimed at creating more dollars and increasing the supply of money in the economy. The latest round of stimulus, known as QE2, involves the Fed buying US$75 billion in Treasury bonds per month until June next year. The Fed hopes that the policy will help drive down interest rates and encourage lending.

“We had an up day yesterday on one billion shares of volume (on the NYSE) so there was a lot of buying activity (and) I’m sure that some people are taking some profits today,” observed Marco Li, senior investment analyst at MFC Global Investment Management.

“The market is up almost 13% from the end of August. It’s been a pretty robust last couple of weeks.”

The Dow Jones industrial average gained 9.24 points to 11,444.08.

The Nasdaq composite index was 1.64 points higher at 2,578.98 while the S&P 500 index edged up 4.79 points to 1,225.85.

Markets ended the week sharply higher with the TSX main index up 1.96%, while the Dow industrials ran up 2.92%.

In other earnings news, toymaker Mega Brands Inc. (TSX:MB) reported quarterly profits fell to about $16.3 million, or five cents a share, down from $72 million, or $1.97 a share, for the same period last year. Net sales rose nine% to $128.3 million. Its shares dipped three cents to 58 cents.

Centerra Gold Inc. (TSX:CG) , a Toronto miner with operations in central Asia, reported net profits fell to US$17.7 million, or seven cents a share, on revenues of $115.5 million in the third quarter. Centerra shares faded 17 cents to $18.87.

Auto parts giant Magna International Inc. (TSX:MG) raised its dividend by 20% to 18 cents as third-quarter profits increased four-fold on a sharp increase in sales as global auto production ramps up. Magna shares ran up $$5.72, or 6.11%, to $99.33.

MacDonald, Dettwiler and Associates, best known for satellite technology and robotic arms used in space, is selling its more down-to-earth property information business to an American private equity firm for $850 million. Its shares rose $5.72 to $99.33.