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CANADA STOCKS-TSX rises slightly but critical miners drag
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CANADA STOCKS-TSX rises slightly but critical miners drag
Jul 8, 2024 2:50 PM

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TSX closes up 0.3%

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Critical miners fall

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US CPI due on Thursday

(Recasts lead paragraph with market closing figures, changes

headline to reflect closing data)

By Nikhil Sharma and Divya Rajagopal

July 8 (Reuters) - Canada's main stock index eked out a

slight gain on Monday as declines in resources shares were more

than offset by gains in the real estate and healthcare sectors.

The Toronto Stock Exchange's S&P/TSX composite index

closed up 0.3%.

Copper miners were the biggest drag, weighing down the

materials sector that slipped 0.5% over concerns

about Canadian restrictions against future M&A critical mineral

deals. The biggest loser was First Quantum Minerals ( FQVLF ),

which fell nearly 5% as investors booked profits on the volatile

stock.

Lundin Gold ( LUGDF ) was the top gainer with a 5% jump

even as gold prices declined on profit-booking after bullion

crossed a one-month high in the previous session.

Healthcare real estate firm NorthWest Healthcare Properties

closed up 4%.

Healthcare, which rose more than 1%, and real

estate, which gained nearly 2%, were the day's

best-performing sectors.

Lower oil prices weighed on the energy sector,

which eased as hopes for a ceasefire in Gaza eased supply

disruption worries.

Wall Street indexes also rose on Monday, with the S&P 500

and Nasdaq hitting intraday record highs.

U.S. jobs data on Friday showed job growth was moderating,

firming bets of an interest-rate cut by the Federal Reserve in

September.

Markets will closely assess Fed Chair Jerome Powell's

comments during his semi-annual testimony, alongside the U.S.

Consumer Price Index (CPI) reading, expected later this week.

"(The Fed would) rather make a mistake on holding rates

higher for longer and tipping the economy into somewhat of a

recession versus cutting too early and having inflation kind of

pick up on them again", said Denis Taillefer, senior portfolio

manager at Caldwell Investment Management.

Earnings season is set to commence with big U.S. banks

scheduled to report their quarterly earnings on Friday.

After the Bank of Canada trimmed rates last month, market

participants are now pricing in a 61.5% chance of another cut at

its next meeting on July 24.

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