Roger Biduk; Job Losses Soar & Bay Street Rises

Roger Biduk:

That doesn’t make sense, does it?
North American stock markets surged Friday to a sharply higher close as investors looked past dismal employment news from Canada and the U.S. and ahead to the U.S. economic stimulus program and an announcement of aid for the financial sector.

Toronto's S&P/TSX composite index closed up 147.04 points to 9,008.02 - its first close above 9,000 since Jan. 9 and left the main index in positive territory for the year to date. The TSX gained 3.6 per cent on the week.
The TSX Venture Exchange added 11.12 points to 909.34.
The CDN$ closed up 0.37 of a cent to 81.6 cents U.S.

Statistics Canada said Canada lost a record 129,000 jobs last month, far more than the consensus expectation of 40,000, and the unemployment rate surged more than half a point to 7.2 per cent, the highest level since November 2004.
The drop in jobs was bigger than in any single month during the recessions of the early 1980s and 1990s.

The S&P/TSX Capped Divesified Metals & Mining Index racked up solid gains for a second day, jumping 5.93% as aluminum gained 2.26%, copper soared 8.57% and silver rose 3.22%
Quandra Mining (GSL) soared 13.51% to $3.95. Inmet Mining (IMN) jumped 11.11% to $26.11. PDX Resources (PLG) higher by 9.01% to $2.42. Hanfeng Evergreen (HF) rose 8.68% to $7.39. Gerdau AmeriSteel (GNA) up 7.05 to $8.50.

Roger Biduk:
The S&P/TSX Capped Financial index gained 1.83% ahead of an announcement from American Treasury Secretary Timothy Geithner on how the government will deploy the second half of a US$700-billion bank bailout as well as other help for financial players.
CIBC (TSX:CM) advanced $1.56 to $48.45 and National Bank (TSX:NA) improved $1.31 to $36.44.
TD Bank Financial Group (TSX:TD) confirmed it is raising its ownership of U.S. brokerage TD Ameritrade to 45 per cent from 39.9 per cent, at a cost of $515 million. TD shares were up 63 cents to $39.80.
Faircourt Split Trust (FCS.UN) soared 19.32% to $2.10. Brompton Lifeco Split Corp. (LCS) jumped $2.15. MI Developments (MIM.A) rose 14.29%. Plutonic Power Corp. (PCC) gained 12.27% to $2.47. GMP Capital Trust (GMP.UN) up 11.70% to $7.35. 5Banc Split Inc. (FBS.B) higher by 10.71%. Energy Savings Income Fund (SIF.UN) rose 9.37% to 10.62%. Dundee Corp. (DC.A) up by 8.85% to $5.48. Sentry Select Primary Metals C (PME) higher by 8.81% to $4.20. Canadian Western bank (CWB) up 6.82% to $11.75.
Seamark Asset Management Ltd. (SM) sank 6.36% to $2.06.

The S&P/TSX Energy Index was up 1.61% even as the huge job losses in the U.S. sent the March crude contract on the New York Mercantile Exchange down 2.43% to US$40.17 a barrel. Natural gas jumped 2.84% to $4.77.
Suncor Inc. (TSX:SU) was 83 cents higher to $25.49 and EnCana Corp. (TSX:ECA) gained 61 cents to $56.31.
The Ontario Teachers' Pension Plan has confirmed talks with Petro-Canada (TSX:PCA) about creating more value for shareholders. Petro-Canada shares were 21 cents better to $29.54.
North America Energy Partners (NOA) soared 15.36% to $3.53. Trinidad Drilling (TDG) jumped 14.50% to $3.00. Flint Energy Services Ltd. (FES) higher by 12.02% to $4.66. Niko Resources (NKO) up by 7.28% to $56.58. Gran Tierra Energy Inc. (GTE) rose 7.07% to $4.24.

The S&P/TSX Global Gold Index gained 1.98% as the April bullion contract on the Nymex gained $.10 to US$914.30 an ounce.
Greystar Resources ltd. (GSL) soared 14.29% to $2.80. Detour Gold Corp. (DGC) jumped 11.74% to $9.90. First Quantum Minerals ltd. (FM) rose 8.10% to $30.70.
Gabriel Resources Ltd. (GBU) sank 5.08% to $2.80 and Banro Corp.(BAA) dropped 6.73% to $2.08.

The TSX was supported by two of its largest companies. Research In Motion Ltd. (TSX:RIM) added $2.16 to $72.10 while Potash Corp. (TSX:POT) rose $4.70 to $110.80.

Roger Biduk:
Shares in Canwest Global Communications Corp. (TSX:CGS) were up seven cents to 49 cents on news it is seeking to sell five TV stations. Analysts say it's unlikely the company will find a buyer in the current recession, and a money-saving closure is more likely.

The S&P/TSX Capped Information Technology Index was up 2.75% and the S&P/TSX Capped Telecom Services Index was up .27%.
CryptoLogic Ltd. (CRY) soared 11.61% to $7.40. Aastra Technologies Ltd. (AAH) jumped $9.25% to $12.05. AXIA NetMedia Corp. (AXX) rose 6.53% to $2.12. Gennum Corp. (GND) sank 5.12% to $4.08

The S&P/TSX Consumer Discretionary Index was up 1.15% and the S&P/TSX Consumer Staples Index was down 1.37%.
Viterra Inc. (VT) rose 5.20% to $10.52.

The S&P/TSX Capped Health Care Index was lower by .79%.

The S&P/TSX Capped Utilities Index rose 1.42%.

The S&P/TSX Capped Industrial Index was up 2.27%.
Sino-Forest Corp. (TRE) jumped 13.44% to $11.14. ADF Group Inc. (DRX) jumped 9.04% to $2.05.
JDS Uniphase Canada Ltd. (JDU) sank 6.05% to $4.66. Heroux-Devtek (HRX) down by 6.25% to $4.50.
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In the service sector, MacDonald, Dettwiler and Assoc. (MDA) soared 11.29% to $25.93. Transat A.T. (TRZ.B) jumped 8.03% to $10.49. Reitmans Canada (RET) rose 5.39% to $9.19. Stantec (STN) gained 5.32% to $29.10. Intermap Technologies (IMP) up 5.00% to $2.10.
Softchoice Corp. (SO) down 7.78% to $2.49. Brick Group Income Fund (BRK.UN) tanked 10.28% to $2.53.

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