(Updates with morning prices)
By Ragini Mathur
Oct 9 (Reuters) - Canada's main stock index fell on
Thursday, with metal miners and technology stocks surrendering
recent gains, as investor focus turned towards Friday's crucial
domestic employment report for insights into the country's
economic health.
Toronto's S&P/TSX composite index was down 0.4% at
30,387.35 points, erasing the modest gains it had achieved at
the market open.
The decline was broad-based, with 10 of the index's 13
sectors trading in negative territory.
The energy sector bucked the downward trend,
advancing 1.2%, after experiencing a slight 0.1% dip in the
previous session.
Similarly, healthcare stocks climbed 1.2%,
bolstered by cannabis company Curaleaf Holdings ( CURLF ), which
surged 4.2%, after receiving a "buy" rating from Canaccord
Genuity analysts who initiated coverage of the stock.
However, the materials sector declined 0.7% as
gold prices eased, though they remained above the $4,000
threshold reached during Wednesday's trading.
Information and technology stocks dropped 0.5%
after gaining about 3% in the previous session.
The TSX has recently notched several all-time highs, riding
the momentum of gold's ascent - a rally fueled by heightened
geopolitical uncertainties, economic concerns, and persistent
expectations for U.S. interest rate cuts.
Market attention now pivots to Friday's Canadian employment
report, which will provide crucial insights into the country's
economic health and likely influence the Bank of Canada's
upcoming monetary policy decision.
"Generally, there's positive sentiment around economic
conditions," said Josh Sheluk, portfolio manager at Verecan
Capital Management, adding that while the economy is perceived
to be slowing, it is not seen as weakening or contracting
outright.
"However, in the employment picture, what we've observed
over recent months, perhaps even longer, is a gradual softening,
and markets will be closely watching whether we see some
stabilization in those numbers".
Meanwhile, south of the border, U.S. Federal Reserve Chair
Jerome Powell offered no fresh policy signals in his latest
comments, leaving investors to rely on existing data to guide
market sentiment.