CANADA STOCKS-TSX tumbles as mining stocks weigh, Lightspeed tanks
(Adds analyst comment in paragraph five; updates stocks and sector details, prices)
*
Ritchie Bros climbs on brokerage upgrade
*
Lightspeed drops to TSX bottom on downbeat revenue forecast
*
TSX down 0.4%
By Johann M Cherian
May 18 (Reuters) - Canada's main stock index fell on Thursday, wiping off all the gains from the previous session as gold miners tumbled and software firm Lightspeed fell after reporting a weak outlook.
Lightspeed Commerce Inc tumbled by 10.7% on its worst day in over six months after reporting a weak quarterly sales forecast, citing caution on near-term macroeconomic pressures.
At 10:23 a.m. ET (14:23 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 70.92 points, or 0.35%, at 20,225.51.
The materials sector fell 1.7% and hit an over one-month low, tracking a drop in gold prices. Miners represent 12% of the TSX in terms of market capitalisation.
"Whenever there is an uptick in the U.S. dollar, gold prices move lower and now there's talk about interest rates possibly rising another quarter point in June (aiding a fall in gold prices)," said Allan Small, senior investment advisor at Allan Small Financial Group.
Canadian stocks have traded in tight ranges since late April as weak China data darkened the demand outlook for commodities and concerns about the U.S. debt ceiling limit weighed on consumer sentiment.
Among other movers, luxury winterwear maker Canada Goose Holdings Inc forecast strong annual sales, betting on a sharp rebound in key market China, but later reversed course and shed 8.3% after its chief executive said the company expected the U.S. market to be more challenging this year.
The consumer discretionary sector housing Canada Goose was up 0.04%.
Brokerage National Bank of Canada upgraded its rating on equipment marketplace Ritchie Bros Auctioneers Inc to "outperform" from "sector perform", sending its shares up 4%.
Meanwhile, the Bank of Canada said it was worried a major cyberattack on one part of the financial system could quickly spread and threaten overall financial stability. (Reporting by Johann M Cherian and Vansh Agarwal in Bengaluru; Editing by Pooja Desai)
