January 30, 2015 / 4:23 PM / in 3 years

CANADA STOCKS-TSX slips as U.S. economic data drags

* TSX down 43.87 points, or 0.30 percent, at 14,593.41

* Seven of 10 main index sectors decline

* Eldorado drops 19 percent after Greek mine opposition

* Canadian Oil Sands jumps after dividend, capex cuts

By John Tilak

TORONTO, Jan 30 (Reuters) - Canada’s main stock index declined on Friday as negative sentiment following a sluggish U.S. economic report helped offset gains in commodity prices and resource stocks.

Government data showed that U.S. economic growth slowed in the fourth quarter, following two quarters of strong growth.

A decline in Eldorado Gold, which shed 19 percent, also weighed on the market. The stock reacted after Greece’s new left-wing government said it is firmly opposed to one of the Canadian company’s gold mines.

The benchmark TSX was on track to record a 1 percent decline this week and end the month slightly lower.

“High volatility is going to be the story this year. We’re going to see a lot of wild swings, followed by quiet periods,” said David Cockfield, managing director and portfolio manager at Northland Wealth Management.

“We should have a positive return on the TSX this year, should be up 7 or 8 percent,” he added.

The Toronto Stock Exchange’s S&P/TSX composite index was down 43.87 points, or 0.30 percent, at 14,593.41. Seven of the 10 main sectors on the index were in the red.

Financials, the index’s most heavily weighted sector, dropped 2 percent. Royal Bank of Canada shed 2.7 percent to C$72.13, and Toronto Dominion Bank gave back 1.8 percent to C$50.71.

The gold-mining sector advanced 2.3 percent, helped by a jump in the bullion price. Barrick Gold Corp rose 3.5 percent to C$16.02 and Goldcorp Inc was up 2.8 percent to C$30.30.

Shares of energy producers climbed 2 percent, with U.S. crude oil prices showing similar gains. Canadian Natural Resources Ltd added 2.1 percent to C$35.71.

Shares of Canadian Oil Sands Ltd shot up 11.4 percent, to C$7.25, after the company slashed its dividend and further reduced 2015 capital spending on Thursday. (Editing by Nick Zieminski)

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