Archive · 10 Oct 2026
TSX Rallies as Weak Jobs Data Dims Rate-Hike Bets
Canada’s main stock market rose a lot on Friday.
The rise came after a report showed that Canada lost jobs in September.
The report was much weaker than experts expected.
Investors then thought a Bank of Canada interest rate increase was less likely.
Lower rates can make expected company earnings more valuable to investors.
Aritzia’s shares climbed after it reported better-than-expected sales and profit.
Mining and technology shares also helped lift the market.
Some telecom shares fell amid concerns about competition from satellite-based mobile services.
The S&P/TSX Composite Index gained 1.48% on Friday, its biggest advance since September 3.
Canada lost 68,300 jobs in September, while unemployment edged up to 6.5%; analysts had expected job growth.
Investors lowered the implied chance of a Bank of Canada rate hike on October 28 to 25%, from 40%.
Aritzia shares rose more than 20% after the retailer beat analysts’ second-quarter revenue and profit expectations.
Materials, technology and consumer discretionary shares rose, while Cogeco Communications and BCE fell sharply.
- Who
- Canadian investors and companies listed on the Toronto Stock Exchange.
- What
- The S&P/TSX Composite Index rose 1.48%, its largest gain in five weeks, as expectations for a Bank of Canada rate hike receded.
- When
- Friday; the jobs data covered September, and the next cited Bank of Canada policy announcement is October 28.
- Where
- Toronto, Canada.
- Why
- Weaker-than-expected jobs data reduced expectations for interest rate hikes; gains in Aritzia and mining shares also supported the index.
- S&P/TSX Composite close
- 35,664.62
- Friday's gain
- 519.24 points, or 1.48%
- Weekly change
- Up 0.46%, after two consecutive weeks of declines
- September employment change
- Canada lost 68,300 jobs; analysts had forecast a gain of 9,200
- Unemployment rate
- 6.5%, slightly higher
- Implied chance of October 28 rate hike
- 25%, down from 40% before the jobs report
- Sector moves
- Materials rose 2.81%; technology 2.88%; consumer discretionary 2.66%; energy 1.07%; financials 1.21%