The markets today

TORONTO (CP) — The Toronto stock index posted a minor gain Friday, while the Canadian dollar fell amid the latest GDP numbers released by Statistics Canada. The S&P/TSX composite index advanced 16.69 points to 15,634.94, led mainly by financials. The country’s eight-month march of monthly growth in the economy came to an end in July after Statistics Canada reported that gross domestic product was essentially unchanged at zero per cent growth in July compared with June. The development could head off more rate hikes this year and put downward pressure on the Canadian dollar. The loonie was trading at an average price of 80.13 cents US, down 0.19 of a U.S. cent. “The Canadian dollar softened as this GDP report reduced the odds of a third rate hike by the Bank of Canada this year, especially when you combine it with governor Stephen Poloz’s recent speech which gave more of a cautionary tone to the bank’s approach going forward,” said Todd Mattina, a chief economist at Mackenzie Investments. The Bank of Canada raised rates twice over the summer following the economy’s surprisingly powerful start to the year, but Poloz said during a speech Wednesday that he has no prearranged route for further interest-rate hikes. In commodities, the November crude contract was up 11 cents to US$51.67 per barrel while the November natural gas contract lost a penny to US$3.01 per mmBTU.