April 29(Reuters) - Canada’s main stock index dropped on Monday, led by losses in mining and energy shares, as investors treaded with caution ahead of the country’s monthly economic report.
* At 9:51 a.m. ET (13:51 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 18.01 points, or 0.11 percent, at 16,595.45.
* Canada’s gross domestic product (GDP) data for February is due on Tuesday, which could shed further light on the pace of economic growth in the first quarter.
* The Bank of Canada lowered its growth forecast for 2019 last week and maintained its benchmark interest rate steady.
* Six of the index’s 11 major sectors were in the red, led by a 1 percent fall in the materials sector.
* The energy sector also dropped 0.4 percent, tracking a fall in crude prices after weeks of gains as U.S. President Donald Trump demanded that producer club OPEC raise output to soften the impact of U.S. sanctions against Iran.
* U.S. crude prices were down 0.4 percent per barrel, while Brent crude lost 0.4 percent.
* The heavyweight financials sector gained 0.4 percent, while the industrials sector edged down 0.3 percent.
* The materials sector, which includes precious and base metals miners and fertilizer companies, was pressured by gold futures, which fell 0.6 percent to $1,278.3 an ounce.
* On the TSX, 123 issues were higher, while 113 issues declined for a 1.09-to-1 ratio favouring gainers, with traded volumes touching 20.46 million shares.
* The largest percentage gainers on the TSX were Hexo Corp , which rose 3 percent, and Cineplex Inc, which increased 2.4 percent.
* Restaurant Brands fell 3.5 percent, the most on the TSX, after the company missed analysts’ estimates for first-quarter profit, hit by slowing growth at its Burger King, Tim Hortons and Popeyes Louisiana Kitchen chains.
* The second biggest decliner was First Majestic Silver Corp , down by 2.9 percent.
* The most heavily traded shares by volume were Hexo Corp, Aurora Cannabis Inc and Bombardier Inc.
* The TSX posted six new 52-week highs and two new lows.
* Across all Canadian issues, there were 40 new 52-week highs and nine new lows, with total volume touching 34.80 million shares. (Reporting by Medha Singh in Bengaluru; Editing by James Emmanuel)