Toronto stock index set for mixed open on oil, data

Fri Aug 29, 2008 9:11am EDT
 
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*Canada economy grows weaker-than-expected

*Oil firm above $117 as Gustav set to enter Gulf of Mexico

*Airlines could see rise after Zoom cancels flights

*Market seen choppy ahead of Labour Day long weekend

TORONTO, Aug 29 (Reuters) - The Toronto Stock Exchange's main index was set for a mixed open on Friday, as a surge in energy stocks on rising oil could be offset by weak Canadian economic data, and on thin trading activity ahead of the Labour Day long weekend.

Canada's economy grew by a weaker-than-expected 0.3 percent in the second quarter, Statistics Canada said on Friday, narrowly avoiding the common definition of a recession as demand for its exports waned. [ID:nN29254034]

Gross domestic product shrank 0.8 percent in the first quarter.

The data could weigh on the market as investors fear slower economic activity in the future, said Joe Ismail, technical analyst at Maison Placements Canada.

"In general terms, it's probably pointing to a soft landing," said Ismail. "We might see some slower economic activity."   Continued...