CANADA STOCKS-TSX steady after encouraging US GDP data
* TSX up 11.50 points, or 0.09 pct, at 12,311.73 * Modestly outperforms Wall Street By Claire Sibonney TORONTO, Oct 26 (Reuters) - Canadian stocks were little changed in choppy trade on Friday after U.S. economic growth data for the third quarter came in higher than expected and offset uninspiring corporate earnings reports. U.S. gross domestic product expanded at a 2 percent annual rate in the quarter as a late burst of consumer spending outweighed the first business cutbacks in investment in more than a year. GDP growth in the second quarter was 1.3 percent. ID:nL1E8LQ1YM] Among heavyweight gainers, Enbridge Inc rose 0.8 percent to C$39.34, TransCanada Corp was up 0.8 percent at C$44.46, and Cenovus Energy climbed 0.7 percent to C$34.64. "My impression is that the U.S. GDP data has given stocks some reprieve after weakness in overseas markets and generally disappointing corporate earnings," said Fergal Smith, managing market strategist at Action Economics. At 10:33 a.m. (1433 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 11.50 points, or 0.09 percent, at 12,311.73. The TSX was outperforming Wall Street after lackluster results from Amazon.com and Apple Inc. "The technical backdrop (for U.S. stocks) has worsened and there are significant uncertainties in the next couple of weeks, so there's a real reason to trim risk ahead of the U.S. election," Smith said. Among heavyweight laggards, Canadian Natural Resources fell 0.9 percent to C$29.65, Teck Resources dropped 1.7 percent to C$31.18, and Potash Corp lost 0.6 percent to C$39.93. Also weighing on sentiment, Spain's unemployment rate hit a record high in the third quarter, with one in four out of work and more expected to lose their jobs in 2013 as the next phase of government cutbacks kicks in. In other U.S. data, the Thomson Reuters/University of Michigan's final reading for U.S. consumer sentiment in October was revised slightly lower.
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