CANADA STOCKS-TSX falls as tech, mining stocks drag; set for modest weekly gains
Updated with market opening prices
By Ragini Mathur
Dec 27 (Reuters) - Canada's main stock index fell on Friday, led by losses in technology and mining shares, although the index was on track to record gains for a second straight year after hitting a string of new highs.
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 90.04 points, or 0.36%, at 24,756.78, but was on track to post its first weekly gain in three.
With just three trading sessions remaining in the year, the index has advanced 18.6% so far to record its best year since 2021, benefiting from policy easing cycles in Canada and the United States, as well as a rally fueled by Donald Trump's victory in the November U.S. presidential election.
However, Canadian equities have faced a rough few weeks in December, partly due to the U.S. Federal Reserve's forecast of fewer rate cuts next year due to stubbornly high inflation.
"I think what's happened is that post (U.S.) election rally has kind of run out of steam here and also the impact of the Federal Reserve meeting of last week," said Colin Cieszynski, chief market strategist at SIA Wealth Management.
Among sectors, Canada's information technology .SPTTTK lost 1.5%, dragged by a 6.3% fall in bitcoin miner Bitfarms BITF.TO.
Gold prices XAU= fell. The materials sector .GSPTTMT, which includes precious and base metals miners and fertilizer companies, lost 0.7%.
Looking to 2025, the focus will shift to Donald Trump's arrival in the White House, who pledged to impose a 25% tariff on all imports from Canada, a blow to a country that sends a majority of its crude exports to the U.S.
Additionally, in a bid to address the looming threat of U.S. tariffs, Canada's new Finance Minister Dominic LeBlanc and Foreign Affairs Minister Melanie Joly will meet aides to U.S. President-elect Donald Trump in Florida on Friday.
Trump has threatened a 25% tariff on imports from Canada, until the country stops drugs and migrants from crossing its border with the U.S.
(Reporting by Ragini Mathur in Bengaluru; Editing by Mohammed Safi Shamsi)
((Ragini.Mathur@thomsonreuters.com;))
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