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By Purvi Agarwal Sept 4 - Canada's main stock index closed lower on Friday as material and oil stocks declined and stronger-than-expected U.S. jobs data prompted investors to increase bets on an interest-rate hike by the Federal Reserve this month. The S&P/TSX Composite Index fell 0.33%, at 36,513.80. * Data showed U.S. job growth accelerated sharply in August while the unemployment rate held steady at 4.1%, pointing to a still stable labor market. * Traders added to bets that the Federal Reserve would hike interest rates later this month, with short-term interest-rate futures prices now implying about a 65% chance of a hike, compared with 55% before the jobs report. * "It just reaffirms this idea that the U.S. economy, despite some concerns, is still in a very good position," said Mike Archibald, portfolio manager at AGF Investments. "It will be very important in the next couple of weeks to see what happens with the data and how that evolves with respect to the expectations for market participants." * Meanwhile, Canada's economy lost 41,700 jobs in August, a sharp slowdown from unusually strong summer hiring. * The Bank of Canada held interest rates steady this week, but Governor Tiff Macklem said policymakers were prepared to hike multiple times if inflation remained too high. * On TSX, the materials sector was down 1.2% as miners lost ground, tracking declines in gold and silver prices. * Energy stocks fell about 1%, tracking a dip in oil prices. * Renewed strikes in the Middle East pushed up oil prices and bond yields earlier this week, creating an uncertain backdrop for risk assets. * For the week, TSX fell 0.1%. FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report Reuters global stocks poll for Canada Canadian markets directory This article was generated from an automated news agency feed without modifications to text. Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates. Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.
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