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CANADA STOCKS-TSX slips as falling gold weighs on miners; tech gains limit losses

By Reuters News

By Anand Gopal R

Nov 12 (Reuters) - Canada's main stock index fell on Thursday as lower gold prices weighed on miners, while gains in technology shares limited the losses despite weakness in US AI-linked stocks after Nvidia CEO Jensen Huang's departure.

The S&P/TSX Composite Index .GSPTSE was down 0.4% at 36,256.06 points by 10:54 a.m. ET (1554 GMT).

  • The materials sector .GSPTTMT, which includes miners, fell 1.8% and was the biggest laggard on the index

  • Gold prices fell almost 3% to a more-than-one-year low, as climbing oil prices amid fading hopes for peace in the Middle East spurred fears of higher inflation and elevated interest rates GOL/

  • Brent crude was up 0.6% after US President Trump wrote on social media that the US did not need a deal with Iran O/R

  • Financial .SPTTFS and healthcare .GSPTTHC stocks also weighed on the benchmark, down 0.4% and 0.8%, respectively

  • Limiting losses, technology shares .SPTTTK rose 1.5%, helped by a 7.6% jump in electronic equipment firm Celestica CLS.TO and avoiding a spillover from weakness on Wall Street after Nvidia's NVDA.O CEO Jensen Huang stepped down

  • "The Nvidia news won’t really affect Canada. Its impact is mostly on US and Asian markets," said Michael Dehal, a senior portfolio manager at Dehal Investment Partners at Raymond James

  • "With Nvidia going through its turmoil, there's a view that Broadcom and AMD could gain market share. That may be helping lift Celestica, which does business with some of those chipmakers," Dehal added

  • Among individual stocks, Cargojet CJT.TO rose 11.3% after the air cargo carrier's third-quarter revenue and adjusted profit beat analyst estimates

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