RTTNews - Toronto stocks finished a choppy session slightly lower on Friday and slipped off of a multi-month high. Traders considered U.S. gross domestic product data released in the morning and looked ahead to the Canadian GDP report on Monday.
The S&P/TSX Composite Index fell 22.30 points or 0.21% to close at 10,370.07. The index had gained in three of the previous four sessions.
Tech stocks dropped 1.25% as Research in Motion (RIM.TO) dropped 4.3% to return some of its recent gains. The Blackberry-maker had closed Thursday at a two-week high.
Financials battled back and finished the session nominally higher as the last of the big six banks reported earnings this week. Toronto-Dominion (TD.TO) led the gainers with a 3.6% jump.
Royal Bank (RY.TO) plunged 4% after reporting a second-quarter net loss of C$50 million or C$0.07 per share, compared to a profit of C$928 million or C$0.70 per share in the year-ago quarter.
Mining stocks ended up 2.1% as copper prices finished higher again. First Quantum (FM.TO) and Teck-Cominco (TCK.B.TO) each added about 3%.
The Energy Index turned slightly lower after an early rise. This came despite the fact that crude oil rallied $1.23 to $66.31 per barrel on the NYMEX.
EnCana (ECA.TO) dropped 1.2% after the stock was downgraded to Market Perform from Outperform by BMO Capital Markets.
Talisman Energy (TLM.TO) lost 2.4% after being downgraded to Sector Perform from Sector Outperform by CIBC World Markets.
Meanwhile, Magna International (MG.A.TO) finished slightly higher as reports said the car parts maker has reached a preliminary agreement to acquire Opel from General Motors.
On the economic front, Statistics Canada reported the nation's balance on current account transactions with the rest of the world on a seasonally adjusted basis was a $9.1 billion deficit in the first quarter of 2009. Economists expected a deficit of $10.5 billion.
Across the border, the U.S. Commerce Department reported gross domestic product fell 5.7 percent in the first quarter compared to the advance estimate of a 6.1 percent decrease. Economists had been expecting the pace of contraction to be revised to 5.5 percent.
Canadian gross domestic product data is expected at 8:30 a.m. ET on Monday. Economists expect to see a drop of 0.3% for March, compared to a 0.1% decline in February.
The industrial product price index is also due at 8:30 a.m. ET.
For comments and feedback: contact email@example.com