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Toronto stock market pulls back

The Toronto stock market pulled back Tuesday near midday, with nearly every major sector lower after data showed growth in the Canadian economy slowed in the final months of last year.

The S&P/TSX composite index dropped 126.34 points to 15,137.71, while the Canadian dollar rose 0.52 of a U.S. cent to 80.30 cents.

Statistics Canada says the economy grew at an annualized pace of 2.4 per cent in the fourth quarter of 2014, better than the 2.0 per cent forecast by analysts surveyed by Thomson Reuters.

The latest GDP data signals that it's unlikely the bank will cut its key interest rate on Wednesday, said Todd Mattina, chief economist and strategist at Mackenzie Investments.

"We're not seeing a strong rebalancing towards business investment in exports away from the energy sector," he said.

Metals prices were mixed and weighed heaviest on the declines.

May copper fell 4.8 cents to US$2.65 a pound.

Gold stocks fell 1.24 per cent, after making small gains earlier in the session, as April bullion dropped $4.80 to US$1,203.40 an ounce.

Energy stocks were ahead 0.8 per cent as the April crude oil contract rose 38 cents to US$49.97 a barrel.

On Wall Street, the Dow Jones industrials moved back 99.35 points to 18,189.28 and the S&P 500 index lost 12.38 points to 2,105.01. The Nasdaq slid 35.26 points to 4,972.83.

Meanwhile, Scotiabank (TSX:BNS), the last of the big five banks to report first-quarter results, said net earnings were $1.73 billion or $1.35 per diluted share, up from $1.71 billion or $1.32 in the comparable year-earlier period.

Adjusted earnings were $1.36 per share, up from $1.34 a year earlier but missed analyst expectations by two cents and Scotiabank shares fell $1.08 or 1.61 per cent to $65.85.

BlackBerry (TSX:BB) unveiled its latest smartphone at the Mobile World Congress wireless show in Barcelona, offering a look at the first of four new smartphones it plans to release this year.

Chief executive John Chen said the BlackBerry Leap will cater to the "low-to-mid" range phone market, and will go on sale in Europe in April.

BlackBerry shares were up 22 cents or 1.6 per cent at $14.09 on the Toronto Stock Exchange.

 



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