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TORONTO锛?Dec. 23 (Xinhua) -- Canada's main stock market in Toronto ended Friday slightly down to snap six straight sessions of gains as Statistics Canada revealed that gross domestic product (GDP) fell 0.3 percent in October.
The Toronto Stock Exchange's benchmark Standard & Poor'sTSX Composite 7.08 points锛?or 0.05 percent锛?to enter the Christmas break at 15锛?28.15 points. Four of the ten sub-sectors lost ground on the day.
On Friday morning锛?the nation's statistics agency reported that GDP fell for the first time in four months. The 0.3 percent dip in October fell below the market's expectation of no change during the month.
By group锛?the service-producing industries remained afloat with a 0.1 percent gain in October. Real estate锛?which accounts for the largest weight in the service group was up 0.4 percent.
In addition to releasing the October figure锛?the September GDP figure was revised up by 0.1 percent to 0.4 percent.
Brian DePratto锛?Senior Economist at TD Bank believes that even with the decline in October锛?the economy is trending positively.
"While today's report does provide a soft start to the fourth quarter锛?the strong September figures help offset this somewhat - we continue to expect above-trend GDP锛?indicative of an economy that continues to move in the right direction锛?albeit slowly锛? DePratto said in a report.
Similar to the conclusion reached from yesterday's poor inflation figure锛?DePratto believes that today's GDP data will not prompt the central bank to change overnight borrowing rate in the immediate future.
"From the Bank of Canada's perspective锛?today's report is likely in line with expectations. Per the October Monetary Policy Report锛?a more moderate pace of growth was expected going forward after last quarter's healthy rebound锛? DePratto added. "While the risks to monetary policy remain skewed towards further easing锛?the October GDP numbers are consistent with the Bank of Canada maintaining its policy interest rate at 0.50 percent for the foreseeable future."
Friday's trading session was relatively quiet锛?as no group saw more than one percent change.
Materials and Health Care groups saw the largest gains锛?rising 0.95 percent and 0.56 percent锛?respectively.