The Globe and Mail reports in its Saturday edition that Canada's main stock index rose more than 300 points Friday to a two-week high, with basic materials stocks leading the gains. The wire services item says the S&P/TSX Composite Index was up 308.17 points at 35,274.84. Gold prices helped to drive higher the basic materials sector, which includes mining companies. The August gold contract was up $61.60 at $4,187.30 an ounce (all figures U.S.). Gold was helped by Thursday's weaker U.S. jobs numbers: Employers added 57,000 jobs to their payrolls last month, short of the 100,000 jobs economists expected and a slowdown from May's hiring pace. The weaker-than-expected result could keep pressure off inflation, which has been accelerating worldwide because of jumps in oil prices caused by the war with Iran. The Toronto Stock Exchange's energy sector also gained ground Friday amid a slight increase in oil prices. The August crude oil contract was up nine cents at $68.78 a barrel. Iran's Joint Military Command warned Thursday that all oil tankers moving through the Strait of Hormuz must use its approved routes or face a "forceful response," ratcheting up tensions again over a waterway crucial for global energy supplies.
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