CANADA STOCKS-TSX drops as U.S. jobs data sparks rate hike fears

Fri Mar 6, 2015 4:36pm EST
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* TSX down 150.61 points, or 1 percent, at 14,952.50

* Nine of 10 main index sectors advance

* Gold miners slump 6.4 percent

By John Tilak

TORONTO, March 6 (Reuters) - Canada's main stock index dropped to its lowest in more than a month on Friday as a bullish U.S. jobs report raised fears that the Federal Reserve could increase interest rates sooner than expected.

The upbeat data, coupled with a stronger U.S. dollar, helped send the bullion price tumbling. Shares of gold miners dived.

The U.S. data showed a pickup in the pace of employment growth in February and a drop in the jobless rate to a multi-year low.

"We're seeing concerns about the timing of the inevitable rate hike of the Fed," said Elvis Picardo, strategist and vice president of research at Global Securities.

"Our fundamental thesis that the TSX will have a down year still stands," he added.   Continued...