Aug 7 (Reuters) - Canada's main stock index edges down on Thursday, with consumer discretionary declines outweighing gains from gold miners, as investors assessed a mixed bag of corporate earnings and weighed the impact of U.S. tariff implementation.
Toronto's S&P/TSX composite index (.GSPTSE), was down 0.1% at 27,884.47 points by 10:00 ET (1400 GMT), after briefly surpassing Tuesday's record high.
U.S. President Donald Trump's higher tariff rates kicked in, with Canada facing a 35% rate after failing to reach a trade agreement ahead of the deadline.
"While the increase in tariffs is set to be effective as of today and while that increase was substantial, it's only on a very limited set of goods," said Shiraz Ahmed, founder and CEO at Sartorial Wealth.
"(The) majority of the exports from Canada to the United States are covered under (previous deals)... and while it will have an impact, I think it's muted and more symbolic in gesture rather than actually material."
On the day, consumer stocks (.GSPTTCD), led the declines, with Restaurant Brands (QSR.TO), falling 4.3% after the company's second-quarter profit miss, as increased advertising expenses and higher supply chain costs outweighed a revenue beat.
Canadian Tire (CTCa.TO), shares dropped 4.6% after quarterly results.
Conversely, gains were led by gold miners (.SPTTGD), adding 1.3%, with safe-haven metal rising on tariff turmoil.
Oceangold (OGC.TO), jumped 12.4% to the top of the index after reporting a record quarterly net profit. Triple Flag Precious Metals (TFPM.TO), and Pan American Silver (PAAS.TO), gained 7.3% and 6.4%, respectively, after quarterly results.
Among individual stocks, Fortuna Mining (FVI.TO), lagged on the index, dropping 10.3% after second-quarter earnings miss.
Canadian Natural Resources (CNQ.TO), fell 1.8% despite reporting a second-quarter profit beat, driven by higher oil and natural gas production.
Enerflex (EFX.TO), added 10.7% after posting a record second-quarter adjusted EBITDA, on cost-saving initiatives.
Maple Leaf Foods (MFI.TO), raised its fiscal-year outlook and beat second-quarter estimates for revenue and profit. Shares gained 8.6%.
Reporting by Twesha Dikshit in Bengaluru; Editing by Vijay Kishore
