Roger Biduk - Late Day Recovery on Bay Street

Roger Biduk writes;

The Toronto stock market staged a late day recovery to close higher as financials largely turned positive amid pessimism about the economy and lower commodity prices.
Toronto's S&P/TSX composite index rose 59.21 points to 8,117.03 with losses led by energy stocks, as investors also took in grim Canadian data.
The TSX Venture Exchange was 13.55 points lower to 684.31.
The Canadian dollar closed up 0.44 cents at 78.68 cents U.S.

Despite the late day rally, it was still a brutal week on the TSX, which tumbled 12.4 per cent thanks to big declines in all the major sectors of the market.

In Canada, Statistics Canada reported the economy shed 70,600 jobs last month, the biggest one-month drop since 1982, and the unemployment rate rose to 6.3 per cent. And analysts warned investors to expect more awful data.

The TSX energy sector was down 0.55 per cent as the January crude contract in New York slid $2.86 to US$40.81 a barrel, plunging 25 per cent this week on growing worries about demand in the face of worsening economic conditions.
EnCana Corp. (TSX:ECA) rose $1.04 to $50.86, while Canadian Natural Resources (TSX:CNQ) fell $1.67 to $39.33.

The Toronto financial sector also got a boost from the news, ending the day up 2.6 per cent after Royal Bank (TSX:RY) reported a 15 per cent decline in quarterly profit to $1.12 billion, as revenue sagged 10 per cent to $5.07 billion. Its shares moved down 77 cents to $36.40.
Laurentian Bank's (TSX:LB) fourth-quarter profit edged down to $27.3 million from $30.2 million a year ago. Its shares were down $2.63 to $32.90.
Canadian insurers also enjoyed a bounce with Manulife Financial (TSX:MFC) up $1.33 to $20.80 and Sun Life Financial (TSX:SLF) ahead $1.84 to $26.20.

BCE Inc. (TSX:BCE) was down 10 cents to $22.85 after the telecom company denied rumours that the investment group led by the Ontario Teachers' Pension Plan is proposing to take a minority holding. BCE stock had risen four per cent Thursday on the speculation.

The base metals sector moved down 1.9 per cent as March copper prices moved down 9.6 cents to US$1.3735 a pound. Teck Cominco Ltd. (TSX:TCK.B) lost 12 cents to $3.93 and Sherritt International (TSX:S) moved down 15 cents to $2.92.

The gold sector faded 0.4 per cent as the February bullion contract declined $13.30 to US$752.20 an ounce. Goldcorp Inc. (TSX:G) was $1 lower to $27.85.

The tech sector turned supportive as Research In Motion Ltd. (TSX:RIM) advanced $2.46 to $50.36.

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