CANADA STOCKS-TSX set to snap 5-day win streak as materials stocks, rising yields weigh
(Updated at 10:02 a.m. ET (1502 GMT))
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TSX off 0.14%
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Real estate stocks lead declines
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Canadian dollar slips, benchmark yield climbs
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Nutrien down on rating downgrade
By Khushi Singh
Nov 6 (Reuters) - Canada's main stock index slipped after opening higher on Monday, as a sell-off in materials stocks over lower gold prices weighed down on the index, while a rise in Treasury yields hurt rate-sensitive stocks.
At 10:02 a.m. ET (1502 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 26.78 points, or 0.14%, at 19,798.07, on track to snap a five-day winning streak.
The Canadian dollar weakened against its U.S. counterpart while the yield on benchmark government debt climbed.
Canadian government's 10-year bond yields rose 3.4 basis points to 3.779%. The yield on similar U.S. government benchmark debt rose to 4.6472%.
Rate-sensitive real estate index dropped 0.8%, leading sectoral losses, while information technology stocks fell 0.4%.
Materials sector, which includes precious and base metals miners and fertilizer companies, slipped 0.2%, hurt by a slip in gold prices as investor risk appetite was whetted by expectations that central banks on both sides of the border are done raising interest rates.
Potash-maker Nutrien also weighed on the materials index as it fell 2.2% to the bottom of the TSX after brokerage JP Morgan downgraded the agriculture input company's stock to "Neutral" from "Overweight".
However, copper prices climbed to a one-month high on a softer dollar and China's commitment to boost imports, limiting losses in materials stocks.
The energy sector climbed 0.4%, as oil prices rose after top exporters Saudi Arabia and Russia reaffirmed their commitment to extra voluntary oil supply cuts until the end of the year.
"Despite the rally, oil prices continue to trade around levels seen before Hamas's attack on Israel on October 7th," said David Morrison, senior market analyst at Trade Nation.
The consumer staples index led sectoral gains, up 0.5%. (Reporting by Khushi Singh in Bengaluru; Editing by Tasim Zahid)
