• TSX ends up 0.1%, at 18,873.47
• For the month, the index loses 3.4%
• Sell-off continues in First Quantum Minerals
• Canada's economy flatlines in August

Oct 31 (Reuters) - Canada's main stock edged higher on Tuesday but was down for the month of October, as oil prices fell and domestic data added to evidence of a weaker economy.

The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended up 16.71 points, or 0.1%, at 18,873.47. For the month it lost 3.4%, its third straight month of declines.

An uncertain outlook for oil and signs of a weaker Canadian economy have pressured the Toronto market, including bank stocks, said Philip Petursson, chief investment strategist at IG Wealth Management

"It's pretty much a foregone conclusion that Canada is in recession," Petursson said. "While the Bank of Canada is (likely) done raising rates ... the impact of the rate increases will still flow through the economy in a negative fashion over the course of the next six to 12 months."

The Canadian economy stalled in August and likely slipped into a shallow recession in the third quarter, data showed on Tuesday, a sign the central bank's 10 interest rate hikes since last year are weighing on growth.

The Toronto market's technology sector rose nearly 1% on Tuesday, while heavily weighted financials added 0.2%, clawing back some recent losses. The sector was down 4.7% in October.

The price of oil settled 1.6% lower at $81.02 a barrel as markets worried less about potential supply disruptions from the Middle East conflict and on data showing rising output from OPEC and the United States.

Still, energy added 0.3%, faring better than the materials sector, which ended down 2.2%.

The sector, which includes precious and base metals miners and fertilizer companies, was pressured by a decline of 19.7% for the shares of First Quantum Minerals Ltd (FM.TO).

It was the second straight day of steep losses, as the uncertainty over the future of the company's key Panama copper mine encouraged investors to cut their exposure.

https://www.reuters.com/markets/tsx-futures-rise-higher-commodity-prices-gdp-tap-2023-10-31/