CANADA STOCKS-TSX falls as commodity declines outweigh gains in tech, banks

By Avinash P

Dec 2 (Reuters) - Canada's main stock index slipped on Tuesday as declines in commodity-linked companies outweighed gains in technology stocks, while Bank of Nova Scotia gained after beating fourth-quarter profit estimates.

Toronto's main stock index .GSPTSE was down 0.3% at 31,023.74 at 10:23 a.m. ET, set to extend Monday's technology-driven losses.

Energy stocks .SPTTEN and miners .GSPTTMT fell 1.5% and 2.6% respectively, tracking declines in oil, gold and copper prices. O/R MET/L GOL/

Bank of Nova Scotia BNS.TO reported a better-than-expected fourth-quarter profit on Tuesday, kicking off the bank earnings season on a positive note. Shares of the lender were up 1.8%, with the broader financial sector .SPTTFS up 0.5%.

Results from other big banks including Royal Bank of Canada RY.TO and TD Bank TD.TO are awaited this week. The big six banks have gained nearly 31% on average this year, compared with a 26% rise in the broader index.

Technology shares .SPTTTK gained the most among peers on Tuesday, up 1.4%, tracking gains in the tech-heavy Nasdaq on Wall Street. Shopify's SHOP.TO shares rose 4.5% after the e-retailer's sales for the Black Friday-Cyber Monday weekend hit a record $14.6 billion.

The TSX had snapped a six-session winning streak on Monday, in which it had logged multiple record highs. The streak was fueled by growing expectations of a U.S. interest rate cut in December following dovish comments from some Federal Reserve policymakers.

"There’s a bit of profit-taking happening overall in the Canadian market. (The TSX) index, it’s up almost 26% year-to-date, and Canada has outperformed quite a lot, especially relative to the United States," said Shiraz Ahmed, founder and CEO at Sartorial Wealth.

Among other stocks, Laurentian Bank LB.TO surged 17.8% after Fairstone Bank announced it would buy the smaller peer in a C$1.9 billion all-cash deal.