04:20 PM EDT, 09/27/2024 (MT Newswires) -- The Toronto Stock Exchange fell off a record high on Friday, slipping back below the 24,000 mark even as the Canadian economy rose more than expected in July, though the uptick is unlikely to be sustained.

The S&P/TSX Composite Index closed out the week down 77.01 points to 23,956.82. Information Technology was the biggest decliner, down 1.6%, followed by Industrials, down 0.28%. Gainers on the day were Battery Metals, up 5.5%, and Energy, up 2.0%.

West Texas Intermediate (WTI) crude oil closed with a gain on Friday as China added new stimulus measures as it looks to revive demand in its economy while Hurricane Helene cut into Gulf of Mexico output, though the threat of additional supply coming to market beginning in December is checking the commodity's upside. WTI crude for November delivery closed up US$0.51 to settle at US$68.18 per barrel, while November Brent crude, the global benchmark, closed up US$0.38 to US$77.98.

Gold prices fell off a record high, dropping for the first time in eight sessions even as a key U.S. inflation measure slowed more than expected last month, firming expectations for additional interest-rate cuts from the Federal Reserve. Gold for December delivery was last seen down US$28.80 to US$2,666.10 per ounce, after rising to a fifth-straight record high a day earlier.

Statistics Canada on Friday reported Canada's July gross domestic product (GDP), rose 0.2% from June, ahead of the consensus expectation for a rise of 0.1%. However Desjardins Economic Studies said the growth boost, which came on higher retail sales, is unlikely to be reported in August, raising expectations for an outsized cut to interest rates at the Bank of Canada's next meeting.

"The pickup appears to have been ephemeral, with the flash estimate for August once again showing no increase,

Growth appears to be tracking just over 1% for Q3, well below the Bank of Canada's 2.8% forecast. As a result, Desjardins sees Canada's central bank lowering rates by 50 basis points in October," it said.