CANADA STOCKS-Toronto stocks fall as mining, energy weigh; index set for weekly gain

(Updated at 10:02 a.m. ET/ 1502 GMT)

By Nikhil Sharma

Nov 8 (Reuters) - Canada's main stock index slipped on Friday, hurt by mining and energy shares, while domestic jobs data slightly trimmed bets for a hefty 50-basis-point interest rate cut by the Bank of Canada next month.

The Toronto Stock Exchange's S&P/TSX composite index was down 118.73 points, or 0.48%, at 24,727.2, but was set to log weekly gains, broadly benefiting from Donald Trump's reelection and his proposals for tax cuts and looser regulations on corporations.

However, his planned 10% tariff on all imports could have serious implications for Canada, the world's No. 4 crude oil producer.

Canada's materials sector fell 1.8% as gold prices dropped and heading for their worst week in over five months, strained by the strong dollar amid market uncertainty about Trump's victory's impact on the U.S. rate cut trajectory.

Lower copper prices also weighed on the sector as China's latest fiscal stimulus disappointed investors.

The energy sector fell 1.3%, tracking oil prices as concerns eased over Hurricane Rafael's impact on the U.S. Gulf's oil and gas infrastructure.

"The Canadian markets and the US markets are at all-time highs. So I don't think a small pullback today is of any concern," said Michael Constantino, chief executive officer at Webull Canada.

Canada added lower-than-expected 14,500 jobs in October, while wages of permanent employees rose. The unemployment rate stayed unchanged from September but hovered around a 34-month high of 6.5%.

Traders see a 58.7% chance of a 50-bps cut at the Bank of Canada's December policy meeting, slightly below the 64% likelihood seen before the data.

The bank slashed rates by half a percentage point last month in a bid to boost economic growth.

BoC's peer, the U.S. Federal Reserve, cut rates by 25 basis points on Thursday.

The biggest gainer on the index, Mattr (MTTRF), jumped 15.8% after the material technology company agreed to buy power cable producer AmerCable from France-based Nexans for $280 million. (Reporting by Nikhil Sharma in Bengaluru; Editing by Vijay Kishore)