Commodities, financials drag TSX lower amid rate worries

<html xmlns=""><head><title>CANADA STOCKS-Commodities, financials drag TSX lower amid rate worries</title></head><body>

Osisko Mining tanks to the bottom of TSX

First Quantum slumps as unit suspends operations at port

S&P/TSX composite index .GSPTSE down 0.7%

By Shristi Achar A and Shashwat Chauhan

Feb 6 (Reuters) -Canada's main stock index on Monday was weighed down by commodity-linked and financial stocks, as upbeat economic data out of the United States last week sparked fears of further interest rate hikes by the Federal Reserve.

At 10:13 a.m. ET (1513 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 144.7 points, or 0.7%, at 20,613.64.

U.S. stock indexes also opened lower as investors re-assessed their predictions on when the Fed will start cutting rates after Friday's non-farm payrolls report showed the U.S. economy added jobs at a rapid pace in January.

"The fear for investors is that strong jobs data in the U.S. equates to the Federal Reserve being aggressive with their interest rate hikes," said Allan Small, senior investment advisor at Allan Small Financial Group with iA Private Wealth.

"That could continue to slow down the U.S. economy, which in turn will slow down our (Canadian) economy."

Rate-sensitive financial stocks .SPTTFS slipped 0.8%, while gold miners .SPTTGD lost 1.2% as Osisko Mining Inc OSK.TO slumped 9% after it announced C$75 million "bought deal" private placement of units.

The broader materials sector .GSPTTMT fell 1.3%, with copper miners amongst the top losers as copper prices slid against a stronger greenback. MET/L

First Quantum FM.TO fell 8.4% after the miner said its subsidiary, Minera Panama, has suspended concentrate loading operations at the Cobre Panamá port.

Newmont Corp NGT.TO NEM.N fell 4.1% after the gold miner made a $16.9 billion offer for Australian peer Newcrest Mining Ltd NCM.AX, although investors and analysts said it undervalued the target amid a leadership change.

Reporting by Shristi Achar A and Shashwat Chauhan in Bengaluru; Editing by Shailesh Kuber


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