CANADA STOCKS-TSX drops as Goldcorp plunges on results, bullion selloff
* TSX down 100.67 points, or 0.69 percent, at 14,426.90 * Seven of 10 main index sectors decline * Goldcorp dives 9 percent By John Tilak TORONTO, Oct 30 (Reuters) - Canada's main stock index was lower on Thursday as Goldcorp Inc dived after it reported disappointing quarterly results and got hit, along with other gold miners, by a drop in the bullion price fueled by positive U.S. economic data. Goldcorp shares tumbled nearly 9 percent to C$21.90 after the company's results fell short of market expectations. Bullish comments about the U.S. economy on Wednesday from the U.S. Federal Reserve and data showing that U.S. gross domestic product grew at faster-than-expected rate in the third quarter weighed on bullion. Gold prices tend to drop on upbeat economic sentiment as the commodity loses its appeal as a safe-haven asset. The Toronto stock market's benchmark TSX index has been volatile in recent weeks and is set to record a sharp decline this month. "It's going to be quite choppy over the next couple of weeks. We'll see this continue," said Colin Cieszynski, chief market strategist at CMC Markets. "A lot of speculation on when the Fed will raise interest rates will go through to next year." The Toronto Stock Exchange's S&P/TSX composite index was down 100.67 points, or 0.69 percent, at 14,426.90. Seven of the 10 main index sectors were in the red. Shares of energy producers dropped 1.2 percent. In the group, Canadian Natural Resources Ltd gave back 1.5 percent to C$38.12, while Suncor Energy Inc, which reported quarterly results late on Wednesday, climbed slightly to C$38.94. Gold miners dived 4.7 percent. Barrick Gold Corp slumped with the price of bullion despite reporting stronger-than-expected third-quarter earnings on Wednesday. The stock was down 2.9 percent at C$13.93. ($1=$1.12 Canadian) (Editing by Peter Galloway)
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