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TSX down 0.1%

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Industrial shares lead declines

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Index on track to snap five-session gaining streak

(Updated at 10:09 a.m. ET/ 1409 GMT)

April 24 (Reuters) - Canada's main stock index edged

lower on Wednesday as rising bond yields and weakness in

industrials and communication services threatened to snap its

five-day winning streak.

At 10:09 a.m. ET (14:09 GMT), the Toronto Stock Exchange's

S&P/TSX composite index was down 21.33 points, or

0.1%, at 21,990.39.

Information technology shares gained 0.4%, pulled

up by a 3.7% rise in software company Celstica ahead of

its results on Wednesday.

Consumer staples added 0.7%, tracking a 1.4% gain

in Metro after it beat adjusted profit per share

estimates for the second quarter.

Industrial shares led declines with a 1.3% loss

and were set to log their worst day since Oct. 2023. The sector

was pulled down by the Canadian National Railway ( CNI ) that

fell 2.7% after its first-quarter revenue missed analysts

estimates.

Communication services slipped 0.6% despite

Rogers Communications topping analyst estimates for

first-quarter subscriber additions.

"Markets looks pretty good right now, but the big backdrop

that everyone's still concerned about is bond yields", said Greg

Taylor, chief investment officer at Purpose Investments, as the

yield on the 10-year Canadian government bond was

set to extend its rise for a third session.

Data-wise, Canada's retail sales contracted for the second

consecutive month in February, missing expectations, data showed

on Wednesday.

"It does really feel like the BoC is going to have to cut

sometime around June," Taylor added.

Meanwhile, Wall Street opened higher on Wednesday, with

Tesla leading gains among mega-cap stocks after its

quarterly results.

In Canadian corporate news, miner OceanaGold Corp ( OCANF )

gained 1.3% after it said on Wednesday it will raise 6.08

billion pesos ($106 million) through an initial public offering

(IPO) of its Philippine unit.