Updates with market opening prices
By Ragini Mathur
Jan 24 (Reuters) - Canada's main stock index was subdued on Friday after eight successive winning sessions as falling energy stocks offset gains elsewhere.
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 0.06% at 25,419.84, and was hovering near a six-week high.
For the week, TSX was set to gain over 1%, helped by strong U.S. corporate earnings and hopes for a business-friendly government under President Donald Trump. The index is up 2.8% for the month.
Among sectors, materials .GSPTTMT rose 0.8% in tandem with gold prices. Information technology .SPTTTK also added 0.6%, while healthcare .GSPTTHC advanced 1.1%.
Energy .SPTTTK was the biggest drag on the index, falling over 1% as oil prices remained under pressure after Trump said he would be asking Saudi Arabia and OPEC to bring down oil prices. O/R
"As we get into the tail end of January, especially today, markets might just consolidate after a strong week, with central banks meeting next week in focus," said Ian Chong, Portfolio Manager at First Avenue Investment Counsel.
The Bank of Canada is set to make its key interest rate decision on Wednesday. Traders expect a 91% chance for a 25 basis-point rate cut at the meeting. 0#BOCWATCH
The central bank has cut rates by a cumulative 1.75 percentage points since June 2024.
The U.S. Federal Reserve is also set to meet on Wednesday and is expected to leave rates unchanged .
Among individual stocks, Aya Gold & Silver AYA.TO rose the most at 3.8% and NovaGold Resources NG.TO fell 3.5%, pushing it to the bottom of the index.
(Reporting by Ragini Mathur in Bengaluru; Editing by Sahal Muhammed)
((Ragini.Mathur@thomsonreuters.com;))
