CANADA STOCKS-TSX weakens after disappointing GDP data
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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