Toronto stocks fall as mining, energy weigh; closes higher for the week
Updates to close
By Nikhil Sharma and Nivedita Balu
Nov 8 (Reuters) -Canada's main stock index slipped on Friday, weighed down by mining and energy shares, as markets trimmed bets for a 50-basis-point interest rate cut by the Bank of Canada next month after domestic jobs data.
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 86.53 points, or 0.35%, at 24,759.40. The pullback came as the index closed higher for the week after two straight weeks of declines,broadly benefiting from Donald Trump's reelection in the United Statesand his proposals for tax cuts and looser regulations on corporations.
However, his planned 10% tariff on all imports could have serious implications for Canada, the world's No. 4 crude oil producer.
Canada's materials sector .GSPTTMT fell 1.9% as gold prices logged their steepest weekly decline in over five months, pressured by a stronger dollar and uncertainty about Trump's victory's impact on the U.S. rate cut trajectory GOL/
Lower copper prices also weighed on the sector as China's latest fiscal stimulus disappointed investors. MET/L
Among top losers were Sandstorm Gold SSL.TO, Ivanhoe Mines IVN.TO and First Quantum Minerals FM.TO that fell between 7% and 9%.
The energy sector .SPTTEN fell 1.1%, tracking oil prices as concerns eased over Hurricane Rafael's impact on the U.S. Gulf's oil and gas infrastructure. O/R
Canada added lower-than-expected 14,500 jobs in October, while wages of permanent employees rose. The unemployment rate stayed unchanged from September but hovered around a 34-month high of 6.5%.
Traders see a 60% chance of a 50-bps cut at the Bank of Canada's December policy meeting, slightly below the 64% likelihood seen before the data. 0#BOCWATCH
BoC's peer, the U.S. Federal Reserve, cut rates by 25 basis points on Thursday.
"Potentially, the Fed is going to have a slower and shallower rate cutting path relative to the Bank of Canada and other central banks that will apply some upward pressure on the dollar and therefore weigh on some of these commodity prices," Angelo Kourkafas, senior investment strategist at Edward Jones said.
The biggest gainer on the index, Mattr MATR.TO, jumped 16% after the material technology company agreed to buy power cable producer AmerCable from France-based Nexans NEXS.PA for $280 million.
Reporting by Nikhil Sharma in Bengaluru and Nivedita Balu in Toronto; Editing by Vijay Kishore and Alistair Bell
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