The markets today

TORONTO (CP) — The Canadian dollar and the Toronto stock index fell Wednesday amid reports that the United States may soon announce its intent to pull out of the North American Free Trade Agreement.

The loonie closed at an average trading price of 80.03 cents US, down 0.27 of a U.S. cent.

The S&P/TSX composite index lost 71.29 points to 16,247.95, with industrials among the main decliners.

“That’s the sector that’s getting hit the most this afternoon because of the NAFTA news,” said Anish Chopra, managing director with Portfolio Management Corp. in Toronto. “You’ve got the auto parts companies in that area.” Separate reports from Reuters and Bloomberg said Wednesday that two Canadian government sources believe it’s increasingly likely that U.S. President Donald Trump will give six-months’ notice to withdraw from NAFTA in late January.

With the exception of metals and materials, few sectors on the commodity-heavy TSX finished the day out of the red, as the February gold contract gained US$5.60 to US$1,319.30 an ounce.

Even rising oil prices – the February crude contract was up 61 cents to US$63.57 per barrel, its highest level since Dec. 9, 2014 – couldn’t prevent energy stocks from losing ground.

The February natural gas contract was down two cents to US$2.91 per mmBTU.