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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.