Canada’s main stock index rose on Thursday, led by gains in commodity-linked shares, as long-term borrowing rates held near their lowest levels in months ahead of the release of U.S. and Canadian employment reports.
The S&P/TSX composite index ended up 84.08 points, or 0.4%, at 22,229.10. Major indexes on Wall Street were nearly unchanged.
Data due on Friday is expected to show Canada’s economy adding 22,500 jobs in May and the unemployment rate ticking up to 6.2% from 6.1%. U.S. jobs data for May is also due, expected to show an increase of 185,000.
Weaker-than-expected U.S. data could see U.S. bond yields extend their recent move lower, said Mike Archibald, a portfolio manager at AGF Investments.
“If that’s the case then that likely means the (U.S.) dollar is moving lower and commodities would do ok in that environment,” Archibald said.
Bond yields have moved lower in recent weeks as investors raised bets on the Federal…
