CANADA STOCKS-TSX weakens after disappointing GDP data

Fri May 30, 2014 10:50am EDT

TORONTO, May 30 (Reuters) - Canada's main stock index fell
on Friday, weighed by materials and utilities, after data showed
the pace of economic growth slowed more than expected in the
first quarter.
    Domestic gross domestic product (GDP) grew by an annualized
1.2 percent in the first three months, slower than the 1.8
percent expected by economists. 
    Markets also felt the impact of investors consolidating
positions on the last trading day of May, said Colin Cieszynski,
senior market analyst at CMC Markets Canada.
    "We're seeing things slipping back a little in North
America," said Cieszynski. "I expect it (the TSX) to be fairly
choppy through the summer, along with other markets."
     The Toronto Stock Exchange's S&P/TSX composite index
 was down 43.19 points, or 0.3 percent, at 14,545.76.
    Among the losers by sector, materials companies 
gave up 0.6 percent, while utilities shares lost 0.5
percent.
    Shares of Valeant Pharmaceuticals slipped 0.3
percent, snapping back from Thursday's gain. The company earlier
in the week raised the cash component of its unsolicited offer
for Botox maker Allergan Inc. Valeant was last at
C$139.65.
    Bank shares also weighed on the index, with Canadian
Imperial Bank of Commerce down 1.5 percent at C$96.17
and Royal Bank of Canada off 0.4 percent at C$74.44.

 (Reporting by Leah Schnurr and John Tilak; Editing by
Bernadette Baum)
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