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