CANADA STOCKS-TSX slips on soft economic data, commodity prices

Tue Sep 30, 2014 10:28am EDT
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* TSX down 28.10 points, or 0.19 percent, at 14,948.82
    * Eight of 10 main index sectors decline
    * Index set to record biggest monthly drop since May 2012

    By John Tilak
    TORONTO, Sept 30 (Reuters) - Canada's main stock index
opened lower on Tuesday as disappointing economic data and soft
commodity prices weighed on the financial and natural resource
    Government data showed the Canadian economy did not expand
in July, breaking a six-month streak of consecutive gains.
    Investors also fretted about geopolitical tensions in Hong
Kong and the prospect of the U.S. Federal Reserve raising
interest rates.
    The benchmark index looked on track to record its worst
monthly decline since May 2012, set to lose about 4.4 percent in
    "We've had a nice move on the TSX year-to-date," said Barry
Schwartz, vice president and portfolio manager at Baskin
Financial Services. "Sometimes you've got to take a break, and
we're on a break."
    He said investors should use the pullback as a buying
opportunity but cautioned against purchasing commodity-related
    Schwartz said he was seeing value in the financial, telecom
and consumer sectors.
    The Toronto Stock Exchange's S&P/TSX composite index
 was down 28.10 points, or 0.19 percent, at 14,948.82.
Eight of the 10 main sectors on the index were in the red.
    Financials, the index's most heavily weighted sector,
slipped 0.4 percent. Bank of Nova Scotia declined 0.6
percent to C$68.80, and Bank of Montreal lost 0.6
percent to C$81.84. 
    The materials sector, which includes mining stocks, gave
back 0.3 percent as the prices of gold, silver and copper traded
lower. First Quantum Minerals Ltd shed 1.2 percent to
C$21.45, and Potash Corp fell 0.5 percent, at C$38.77.
    In corporate news, exchange operator TMX Group Ltd on
Monday named Lou Eccleston as its new chief executive officer,
to replace retiring CEO Tom Kloet. The stock was down 0.5
percent, at C$54.11. 

 (Editing by Nick Zieminski)