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Roundup: Canadian stock market slides over downbeat GDP data

Xinhua, May 30, 2015 Adjust font size:

Canada's main stock market in Toronto on Friday slumped over the latest economic growth reading, showing that the economy suffered the first negative growth rate in the recent four years.

Toronto Stock Exchange's benchmark S&P/TSX Composite Index waned 92.91 points, or 0.62 percent, to 15,014.09 points.

Statistics Canada reported Friday morning that the real gross domestic product (GDP) decreased 0.1 percent in the first quarter, following growth of 0.6 percent in the fourth quarter of 2014. This was the first negative growth rate of real GDP since the second quarter of 2011. The real GDP contracted 0.6 percent in the first quarter if expressed at an annualized rate.

Meanwhile, the data from the federal agency showed that exports of goods and services fell 0.3 percent for two quarters in a row, following a 0.4 percent decline in the fourth quarter of 2014.

Seven of the eight major TSX sectors were in the losing streak, with Metals and Mining leading the fall by 1.41 percent. And both precious and basic metals producers plunged when Barrick Gold Corp. tumbled 1.34 percent to 14.72 Canadian dollars (about 11.84 U.S. dollars) and First Quantum Minerals Ltd. retreated 0.92 percent to 16.08 Canadian dollars per share.

The most influential sector Financials was also down 0.88 percent when heavyweight banks were dragged to the downside. The country's second largest bank Toronto Dominion dived 2.2 percent to 54.15 Canadian dollars per share, hitting a nearly-two-month low.

However,in earnings news, Bank of Nova Scotia, the last of Canada's Big Five banks to report its financial results of the second quarter, reported Friday a net income of 1.797 billion Canadian dollars, in line with the same period last year. Its shares rose 1.29 percent to 65.40 Canadian dollars.

Other losers included Info Tech and Industrials, down 0.56 percent and 0.43 percent, respectively.

By contrast, Energy, the only advancer in the eight TSX sectors, bucked the trend by 0.6 percent, when the oil prices regained momentum. Canadian Natural Resources Ltd., a leading company in the sector, climbed 0.37 percent to 38.38 Canadian dollars.

On the currency front, the Canadian dollar on Friday traded at 0.8041 U.S. dollar, little changed when compared with 0.8042 U.S. dollar Thursday. Endite