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TSX falls on dismal second-quarter GDP estimate, poor earnings

(Reuters) - Canada’s main stock index fell on Friday after data estimated the domestic economy likely shrank at a record pace in the second quarter, with sentiment also dented by poor earnings reports from Air Canada and Imperial Oil.

FIL EPHOTO: A man walks past an old Toronto Stock Exchange (TSX) sign in Toronto, June 23, 2014. REUTERS/Mark Blinch

* The nation’s real gross domestic product (GDP) is likely to have plunged by a record 12% in the second quarter, with the period heavily impacted by broad coronavirus shutdowns, Statistics Canada said in flash estimate.

* Shares of Air Canada AC.TO fell 2.4% after it posted a loss for the second quarter, while those of Imperial Oil IMO.TO ticked down 1.6% after it reported a second-straight quarterly loss.

* At 9:41 a.m. ET (13:41 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 64.27 points, or 0.39%, at 16,235.02.

* The energy sector .SPTTEN was unchanged even though U.S. crude CLc1 prices were up 1.2% a barrel, while Brent crude LCOc1 added 0.8%. [O/R]

* The consumer cyclicals sector .GSPTTCD fell 1.17%, leading losses in the region, while the financials sector .SPTTFS slipped 0.8%. The industrials sector .GSPTTIN fell 0.8%.

* The materials sector .GSPTTMT, which includes precious and base metals miners and fertilizer companies, added 0.6% as gold futures GCc1 rose 0.7% to $1,956.5 an ounce. [GOL/]

* On the TSX, 67 issues were higher, while 152 issues declined for a 2.27-to-1 ratio to the downside, with 12.41 million shares traded.

* The largest percentage gainer on the TSX was Dundee Precious Metals Inc DPM.TO, which jumped 7.4%, after posting second-quarter profits above estimates.

* Its gains were followed by electric utility provider Brookfield Renewable Partners L.P. BEP_u.TO, which rose 4.6%.

* SNC-Lavalin Group Inc SNC.TO fell 5.6%, the most on the TSX, after the construction company posted disappointing quarterly results.

* The second-biggest decliner was utility provider Canadian Utilities Ltd CU.TO, down 3.3%, after brokerage RBC cut price target for the stock.

* The most heavily traded shares by volume were Bombardier Inc BBDb.TO, up 2.2%; Air Canada AC.TO, down 2.4% and Kinross Gold Corp K.TO, up 2%.

* The TSX posted five new 52-week highs and no new lows.

* Across all Canadian issues there were 22 new 52-week highs and one new low, with total volume of 27.25 million shares.

Reporting by Amal S in Bengaluru; Editing by Aditya Soni

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