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TORONTO: Canada’s main stock index edged slightly lower on Friday, adding to this week’s decline, as oil prices fell and investors assessed the economic impact of expected interest rate hikes from the Federal Reserve.

The Toronto Stock Exchange’s S&P/TSX composite index ended down 0.77 points at 20,739.01. For the week, it fell 0.7%.

“The market is still trying to digest the Fed interest rate comments and how all that will impact the economy over time.” said Lorne Steinberg, president of Lorne Steinberg Wealth Management Inc.

The Fed on Wednesday signaled it could hike interest rates three times next year, while Canada’s central bank has also turned more hawkish. The energy group fell 2.1% as surging cases of the Omicron coronavirus variant raised fears that new restrictions may hit demand for oil. US crude oil futures settled 2.1% lower at $70.86 a barrel.

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