(MENAFN- ProactiveInvestors)Canadian shares declined as strong jobs data the U.S Canada's largest trading partner fueled bets the U.S. Federal Reserve may hike interest rates at its meeting next month. The benchmark Standard & Poor's/TSX Composite Index (TSE:OSPTX) retreated 0.4% to 13512.61 at 11:28 a.m. in Toronto. More than two shares declined for every issue that advanced as eight out of the ten share groups were in negative territory. Canadian employment increased by 44400 last month with most of the increase coming from temporary workers hired to prepare for a federal election. The jobless rate dropped to 7 percent from 7.1 percent Statistics Canada said. In the U.S. payrolls rose the most this year adding 271000 jobs in the month as wage growth accelerated and the unemployment rate fell to 5%. There is now a 70% probability the Fed will raise interest rates to 0.5 percent in December according to Bloomberg News. Toronto's materials sub-index which includes mining shares tumbled 1.6% as gold fell to a three-month low. Goldcorp (TSE:G) Canada's largest gold miner by market value sank 4.4% to C$15.31. Barrick Gold (TSE:ABX) Canada's second-largest gold miner dipped 4.3% to C$9.29. Spot gold fell as much as 1.5% to $1087 an ounce its lowest since August 7. The energy sector the main index's second most heavily weighted group decreased 0.7% as oil prices were down for a third straight day. TransCanada (TSE:TRP) tumbled 5% to C$42.98 after media reports suggested that the Obama administration has rejected the Calgary-based energy giant's application to build the Keystone XL pipeline. Suncor Energy (TSE:SU) Canada's biggest energy company slipped 0.6% to C$39.05. U.S. crude slid $0.80 to $44.40. It was down 4.7% on the week. The financials group which accounts for approximately 36% of the main measure more than any other group rose 0.9%. Royal Bank of Canada (TSE:RY) which has the heaviest weighting in the index inched up 0.1% to C$76.64. TMX Group (TSE:X) rose 1.8% to C$47.24. The owner of the Toronto Stock Exchange posted better-than-expected third-quarter revenue.
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