Loonie higher after January GDP reading tops expectations, Toronto stocks lower

Loonie higher after January GDP reading tops expectations, Toronto stocks lower
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TORONTO — A broad-based decline weighed on Canada’s main stock index in late-morning trading as the loonie headed higher following a stronger-than-expected economic reading for January.

The S&P/TSX composite index was down 42.14 points at 16,113.35.

In New York, the Dow Jones industrial average was up 133.49 points at 25,850.95. The S&P 500 index was up 10.68 points at 2,826.12, while the Nasdaq composite was up 39.88 points at 7,709.05.

The Canadian dollar traded for 74.85 cents US compared with an average of 74.47 cents US on Thursday, after Statistics Canada reported the economy grew 0.3 per cent in January.

The May crude contract was up 57 cents at US$59.87 per barrel and the May natural gas contract was down 2.4 cents at US$2.69 per mmBTU.

The June gold contract was up US$4.50 at US$1,299.80 an ounce and the May copper contract was up 6.3 cents at US$2.94 a pound.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD=X)

The Canadian Press

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