Equities in Toronto fell on Friday, weighed by materials and utilities, after data showed the pace of economic growth slowed more than expected in the first quarter.
The S&P/TSX composite index fell 28.46 points to greet noon at 14,650.49.
The Canadian dollar eased 0.24 cents to 92.04 cents U.S.
Experts said markets also felt the impact of investors consolidating positions on the last trading day of May
Shares of Valeant Pharmaceuticals slipped 0.3%, 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 $139.65.
Bank shares also weighed on the index, with Canadian Imperial Bank of Commerce down 1.5% at $96.17 and Royal Bank of Canada off 0.4% at $74.44.
It’s a big day for economic news, as Statistics Canada reported that the Gross Domestic Product rose 0.3% in the first quarter, following 0.7% growth in the fourth quarter of 2013. This was the smallest increase since the fourth quarter of 2012. On a monthly basis, real GDP by industry edged up 0.1% in March.
The agency’s industrial product price index declined 0.2% in April, and its raw materials index increased 0.1% in the same month.
ON BAYSTREET
The TSX Venture Exchange fell 4.42 points to 977.10.
All but two of the 14 Toronto subgroups were negative by lunch hour, with global base metals and their cousins in metals and mining down 1.4% each. and gold lower 0.8%.
The two gainers were telecoms, ahead 0.4%, and energy, up but 0.01%.
ON WALLSTREET
All three U.S. market indices were flat, but on track to hold onto sizable monthly gains.
The Dow Jones Industrial Average dipped 17.37 points midday Friday to 16,681.37
The S&P 500 gained 0.95 points to 1,920.28, and the NASDAQ composite index slid 3.67 points to 4,244.28
On Thursday, the S&P 500 closed at 1,920, surpassing its previous record high from earlier this week. So far this month, the index has surged by nearly 2%. The NASDAQ is undergoing an even more dramatic rebound after two months in the red, adding more than 3% in May.
All three indexes are now positive for the year.
Salesforce shares were down after initially getting a bump from company announcement about a partnership with Microsoft.
Speaking of Microsoft, the news that the company's former CEO Steve Ballmer will buy the L.A. Clippers for $2 billion U.S. is having an effect on the stock of Madison Square Garden. Shares of MSG, owners of the Knicks and the Rangers, are up more than 4% today.
Big Lots soared 14% after the retailer topped analyst earnings expectations and raised its outlook for the rest of the year.
Shares of Ann Taylor popped over 4% after the women's apparel company beat earnings estimates, boosted by sales increases in its more casual LOFT brand.
Ford stock was under pressure after the automaker announced four recalls affecting at least 1.4 million vehicles, but so far it's having little impact on shares.
Prices for 10-year U.S. Treasuries remained negative, raising yields to 2.47% from Thursday’s 2.45%. Treasury prices and yields move in opposite directions
Oil prices dumped 85 cents to $102.77 U.S. a barrel.
Gold prices shed $11.40 to $1,244.90 U.S. an ounce.
