(Updates at market close)
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TSX ends down 0.8% at 30,269.98
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Posts lowest closing level since last Thursday
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Materials sector loses 2.8% as gold pulls back
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Consumer discretionary ends 1.2% lower
By Fergal Smith
TORONTO, Oct 9 (Reuters) - Canada's main stock index
fell to a one-week low on Thursday as a pullback in the price of
gold weighed on metal mining stocks and ahead of domestic jobs
data that could offer clues on prospects for additional interest
rate cuts by the Bank of Canada.
The S&P/TSX composite index ended down 232.01
points, or 0.8%, at 30,269.98, its lowest closing level since
last Thursday and its biggest decline since August 1.
Still, the index has advanced 22.4% since the start of the
year and posted a record closing high as recently as Monday.
Wall Street also ended lower as the market consolidated some
recent gains ahead of third-quarter earnings season.
The Toronto market's materials sector, which includes
fertilizer companies and metal mining shares, lost 2.8% as gold
dipped below the $4,000/oz milestone breached for the
first time in the previous session.
"Keep in mind, the materials sector has driven a good chunk
of the outperformance of the TSX this year," said Devin
Cattelan, a portfolio manager at Verecan Capital Management.
"So it is temporary ... Our philosophy is you can't ever
really ever take too much away from a couple of days of market
movements."
Industrials fell 1.1% and consumer discretionary
was down 1.2%. Shares of auto parts manufacturer
Magna International ( MGA ) declined 3.1%.
Among the sectors that gained ground was technology
. It rose 0.8%, adding to the previous session's strong
gains.
Canada's employment report for September, due on Friday, is
expected to show the economy adding 5,000 jobs and the
unemployment rate increasing to 7.2%.
Investors are leaning toward an interest rate cut at the BoC's
next policy announcement on October 29, after the central bank
eased rates last month for the first time since March to support
the economy. 0#CADIRPR