(Updated at 10:05 a.m. ET/1505 GMT)

By Nikhil Sharma

Nov 6 (Reuters) -

Canada's main stock index edged lower on Wednesday, as a

sharp decline in mining shares weighed on market sentiment

following the reelection of Republican Donald Trump as U.S.

president.

At 10:05 a.m. ET (15:05 GMT), the Toronto Stock Exchange's

S&P/TSX composite index was down 42.52 points, or

0.17%, at 24,345.38.

Trump was elected after defeating Vice President Kamala

Harris, marking a comeback four years after he was voted out of

the White House.

The win propelled a global stock market rally, while

investors also evaluated the future impact of Trump's second

term on the world economy.

Trump's proposed measures, most notably tariff hikes, could

be of great consequence to Toronto's commodities-heavy market,

given the United States is the largest buyer of Canada's energy

products.

Canada's materials sector led sectoral losses and

was lower 2.9%, pulled down by gold prices, which dropped more

than 5% against a stronger dollar after Trump's victory.

Information technology led sectoral gains with a

1.5% jump, supported by Bitfarms ( BITF ), which climbed 11.4%

following a boost to crypto stocks after the election results.

Financials, which has the biggest weighting on the

index, added 0.9%. The sector benefited from IA Financial ( IAFNF )

, whose shares rose 11.4% after it beat third-quarter

profit estimates.

"A strong U.S. dollar has somewhat weighed on commodity

prices," and is a "notable drag on Canadian markets", according

to Douglas Porter, chief economist at BMO Capital Markets.

In economic data, the Canada Ivey Purchasing Managers

seasonally adjusted index fell to 52.0 in October from 53.1 in

September.

Home sales in the Greater Toronto Area rose sharply in

October on a month-on-month basis, posting the biggest increase

since December 2023.

Bank of Canada Senior Deputy Governor, Carolyn Rogers, is

expected to speak later in the day.

The focus now shifts to the U.S. Federal Reserve's monetary

policy decision on Thursday, when a quarter-point interest-rate

cut is widely anticipated.