Toronto stocks closed lower on Thursday as investors, worried over weak economic reports, moved to lock in profits. The S&P/TSX composite index ended day down 81.57 points at 6,248.79.

Markets were hampered by economic data showing disappointing growth last summer, a sagging U.S. manufacturing sector and a weak American labour market.

The U.S. Commerce Department said the economy grew at a 3.1% annualized rate in the third quarter, weaker than the 3.6% most economists had expected.

Another U.S. report showed claims for unemployment benefits rising last week by 16,000 to 410,000.

In Toronto, bank stocks closed lower. CIBC was down $1.75 to $38.75, while TD shed $1.05 to $29.35. Royal Bank slid $1.69 to $54.41.

Investors Group reported rising net income but declining sales and assets, and shares in Canada’s largest mutual fund company lost 40¢ to $25.50.

Sun Life rose 71¢ to $26.18 after sharply higher third-quarter profits of $361 million, compared with $215 million a year ago.

The information technology sector ended the session unchanged with Nortel Networks ahead 4¢ to $1.90, while Celestica slipped 66¢ to $21.43, Corel was ahead 8¢ to $1.55 and Zarlink Semiconductor rose 30¢ to $4.

The market was weighed down by a 3.7% downturn in the gold sector. Agnico-Eagle plunged $2.56 to $18.84 and Barrick declined 92¢to $23.45.

One of the most active stocks was Talisman Energy, up $1.28 to $57.45 after announcing Wednesday it is selling its contentious oil interest in Sudan to a subsidiary of India’s national oil company for $1.2 billion.

TSX declines narrowly beat advances 543 to 526, with 215 issues unchanged. Volume was 196.3 million shares worth $2.77 billion.


The TSX Venture Exchange gained 15.52 points to 914.79.


In New York, investors had to digest yet another corporate scandal as Tenet Healthcare said it is under investigation for false billing and charging for unnecessary procedures.

The Dow Jones industrial average closed down 30.38 points at 8,397.03. The S&P 500 was down 4.95 points at 885.76. The Nasdaq composite index closed up 2.98 points at 1,329.71.

in the wake of some soft economic news on both sides of the border.

The Canadian dollar finished at US64.21¢, up substantially from US63.85¢ at Wednesday’s close.

The dollar closed higher even as Statistics Canada said the economy slowed during August. GDP grew by 0.1%, its 11th consecutive monthly increase but down from 0.5% in July.