Canada Stocks: Index declines led by losses in energy and mining stocks

Mattr

08/10/2024 16:00

(Updated at 10:03 a.m. ET/ 1403 GMT)
       Oct 8 (Reuters) - Canada's main stock index fell on
Tuesday led by a decline in energy and mining stocks tracking
lower oil and metal prices, while focus remained on domestic and
U.S. economic data expected later in the week.
    The Toronto Stock Exchange's S&P/TSX composite index
 .GSPTSE  was down 60.3 points, or 0.25%, at 24,042.41 and was
set to extend losses from Monday.
    The energy sector  .SPTTEN  led the decline with a 2.6% fall
due to losses in oil prices, partly because of a pause in the
conflict between Israel and Iran.
        Crude prices rallied last week on concerns that an
escalation in the conflict could disrupt supplies from the
Middle East.  O/R 
    The materials sector  .GSPTTMT  was also among the top
losers, down 1% as it tracked lower gold and copper prices.
    Copper prices hit a two-week low as investors were
disappointed after the Chinese government held back on fresh
fiscal stimulus to boost the country's economy.  GOL/   MET/L 
        "Today we saw a selloff in everything that was banking
on a better Chinese economy," says Colin Cieszynski, chief
market strategist at SIA Wealth Management.
  
    Canada's information technology  .SPTTTK  helped limit
overall losses as it advanced 1.1%, partly supported by 2.8%
rise in Converge Technology Solutions  CTS.TO .
        The biggest individual decliners on the TSX were First
Quantum Minerals Ltd​​  FM.TO , Mattr Corp​  MATR.TO , and
Capstone Copper Corp​  CS.TO , declining over 4% each.
  
        Focus is also on the U.S. Consumer Price Index (CPI)
figures and Canada's unemployment data, expected later in the
week, as it could provide clues for potential interest rate cuts
in both countries.
  
        Markets are pricing in 88% chance of a 25-basis points
cut at the Federal Reserve's November policy meeting, while
expectations for a quarter-point-cut by the Bank of Canada later
in the month stood at 73.7%.  0#FEDWATCH   0#BOCWATCH 
  
  
  

 (Reporting by Nikhil Sharma in Bengaluru; Editing by Leroy Leo)
 ((Nikhil.Sharma@thomsonreuters.com))