Feb 26 (Reuters) - Canada's main stock index fell on Monday on losses in utilities and material stocks, while investors awaited key inflation readings this week, which could shed more light on the timing of potential interest rate cuts.
At 10:27 a.m. ET (15:27 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE), opens new tab was down 40.21 points, or 0.19%, at 21,372.94.
Utilities (.GSPTTUT), opens new tab extended losses for a third consecutive session, with a 1.8% decline after electric utility firm Emara (EMA.TO), opens new tab fell 2.5% on reporting fourth-quarter profit below estimates.
The materials sector (.GSPTTMT), opens new tab, housing Canadian miners, declined 1.5% as gold prices slid on easing U.S. Federal Reserve rate cut bets, while copper slipped on rising inventories.
On the flip side, the information technology sector (.SPTTTK), opens new tab rose 0.7%. Crypto miners Hut 8 and Bitfarms (BITF.TO), opens new tab gained 10.4% and 11.2% respectively, tracking a 2.8% rise in Bitcoin .
The markets' focus remained on a January reading of personal consumption expenditures price index (PCE) in the U.S. and Canada's gross domestic product (GDP) data, both due on Thursday.
"We would see a little bit of (GDP) growth. It would be another indication to the Bank of Canada if these numbers continue to flounder. Perhaps rate cuts could come sooner than anticipated", said Allan Small, senior investment adviser of Allan Small Financial Group with iA Private Wealth.
The Canadian central bank is due to announce its next decision on its monetary policy path on March 6.
Shares of carrier Cargojet (CJT.TO), opens new tab plummeted 3.9% after the company's fourth-quarter results, while minerals company Energy Fuels rose to the top of the index, with a 4.7% gain after it reported a higher profit per share for 2023.
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Reporting by Purvi Agarwal in Bengaluru; Editing by Shweta Agarwal
