• TSX ends down 0.1% at 29,027.73
• Industrials fall 1.1%
• Shares of MDA Space drop 25%
• Materials group adds 1.3% a gold rises

TORONTO, Sept 8 (Reuters) - Canada's main stock index ended lower on Monday as the industrial and consumer staples sectors lost ground, but the move was modest ahead of potential U.S. and Canadian interest rate cuts this month.

The S&P/TSX composite index (.GSPTSE) , opens new tab ended down 22.9 points, or 0.1%, at 29,027.73. It follows eight-straight days of gains that lifted the market to a record closing high on Friday.

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"September always tends to be a challenging month in terms of seasonal volatility and the biggest factor this month is very likely to be interest rate cuts," said Elvis Picardo, a portfolio manager at Luft Financial, iA Private Wealth. "The markets are anticipating rate cuts on both sides of the border."

Expectations that the Federal Reserve and the Bank of Canada will resume their easing campaigns were given a boost on Friday by disappointing U.S. and Canadian jobs data. Investors see a roughly 90% chance the BoC will lower its benchmark rate from its current setting of 2.75% on September 17.

Industrials (.GSPTTIN) , opens new tab fell 1.1%, weighed by declines for the shares of railroad companies and MDA Space Ltd (MDA.TO) , opens new tab. MDA was down 25% after the space technology firm said it received a termination notice from EchoStar for a satellite constellation contract.

Consumer staples (.GSPTTCS) , opens new tab also lost 1.1% but the materials group (.GSPTTMT) , opens new tab, which includes metal mining shares, was up 1.3% as the price of gold extended its record-setting run.

"For a while, there was a big disconnect between the price of gold, which kept climbing to record highs and the price of gold stocks, but lately we've seen that disconnect narrow a little bit," Picardo said.

The bidding war for Canadian oil sands producer MEG Energy (MEG.TO) , opens new tab heated up as Strathcona Resources (SCR.TO) , opens new tab raised its offer, seeking to outbid larger rival Cenovus Energy (CVE.TO) , opens new tab.

Shares of MEG rose 2.4%, Strathcona was down 0.3% and Cenovus ended nearly unchanged.

https://www.reuters.com/markets/europe/tsxs-daily-winning-streak-ends-mda-space-tumbles-2025-09-08/