CANADA STOCKS-TSX falls on weak oil, GDP data

Fri Jul 30, 2010 10:27am EDT
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*TSX down 61.15 points, or 0.52 percent, at 11,667.49

*Weak Canada, U.S. GDP data weighs on market

*All of TSX's main sectors lower (Updates to midmorning, adds quotes)

TORONTO, July 30 (Reuters) - Toronto's main stock index fell on Friday morning on a decline in oil prices and weaker than expected gross domestic product data in the United States, which fueled fears about the economic outlook.

The index's big oil and gas sector fell 0.7 percent, with Suncor Energy SU.TO down 1.2 percent at C$33.49 and Canadian Natural Resources CNQ.TO dropping 1.2 percent to C$35.36. Oil prices fell to around $77.50 a barrel on fears about growth in the United States. [O/R]

Data on Friday showed U.S. growth slowed more than expected in the second quarter, helping to send U.S. stocks lower. [ID:nN29111411] .[.N]

Francis Campeau, broker at MF Global Canada in Montreal, said most of the weakness in the report came from personal consumption.

"The U.S. GDP shows how consumers are not really spending," he said. "It raises concerns about the outlook. Consumers are the biggest part of the GDP equation."

Canadian data on Friday showed real gross domestic product ticked up 0.1 percent in May, matching market views and an overall expectation that second-quarter growth slowed from stunning first-quarter expansion. [ID:nN30434455]   Continued...