*
TSX ends up 14.37 points, or 0.1%, at 20,612.12
*
For the week, the index declines 0.7%
*
Auto parts maker Magna tumbles 17%
*
Canada's economy adds 150,000 jobs in January
(Adds details throughout, updates prices to close)
By Fergal Smith
Feb 10 (Reuters) - Canada's main stock index rose on
Friday but ended lower for the week, as Magna International's
shares tumbled and strong domestic jobs data raised worries the
Bank of Canada would hike interest rates higher than previously
thought.
The Toronto Stock Exchange's S&P/TSX composite index ended up 14.37 points, or 0.1%, at 20,612.12. For the
week, it was down 0.7% following five straight weeks of gains.
U.S. stock indexes also posted weekly declines as hawkish
commentary from U.S. Federal Reserve officials helped drive U.S.
Treasury yields higher.
Interest rate hikes are "still on the table," said Kevin Headland, co-chief investment strategist at Manulife Investment Management, adding "we are still in an inflationary environment." The Canadian economy smashed expectations by adding 150,000 jobs in January, putting pressure on the Bank of Canada to reconsider a "conditional pause" to interest rate hikes announced just last month. The energy sector rose 2.4% on Friday as oil settled 2.1% higher at $79.72 a barrel, supported by Russia's plan to reduce oil production next month. But technology was a drag, falling 1.8%, and shares of Magna International Inc tumbled 17%. The auto parts maker reported a nearly 80% slump in its quarterly profit and warned of more pressure on its margins from volatile production schedules at automakers and elevated costs. (Reporting by Fergal Smith: Additional reporting by Shristi Achar A in Bengaluru; Editing by Maju Samuel and Chris Reese)
