Toronto stocks closed lower on Friday on concerns that lower than expected inflation numbers for June could signal an economic slowdown, and an earinngs warning from Dell Inc.

The S&P/TSX composite index fell 47.17 points, or 0.4%, to close at 11,418.33.

For the week, the benchmark index gave back 211.68 points.

The fall was limited by a rally in financial stocks, which ended 0.6% higher on the inflation figures.

Statistics Canada said reported today that gasoline prices slowed their upward march in June, cutting the annual inflation rate to 2.5% from May’s 2.8% increase.

The Canadian dollar fell 0.43 of a cent to close at US87.88¢.

Overall, half of the 10 TSX main groups ended down, with the industrial sector falling 1.8% just a day after Canadian National Railway Co. reported a strong second-quarter profit.

CN shares fell $1.57, or 3.3%, to $45.88.

Shares of gold producers fell 1.9% while base-metal miners dropped 1.3%.

The August price for bullion moved down 12.30 to US$620.20 an ounce on the New York Mercantile Exchange.

Energy shares, which make up about a third of the TSX, fell 0.9%.

The September price of crude oil on the Nymex lost earlier gains to close down 50¢ to US$74.27 a barrel.

Among individual stocks, the Canadian Radio-television and Telecommunications Commission approved BCE Inc.’s plan to reduce its stake in Bell Globemedia, owner of the Globe and Mail newspaper and the CTV television network.

The CRTC made no changes in approving the deal, which will see BCE’s 68.5% stake in Bell Globemedia cut to 20%.

BCE shares slipped 21¢ to $25.56.

Earlier this month, Bell Globemedia announced a $1.7-billion friendly takeover of rival broadcaster CHUM Ltd. That deal still awaits regulatory approval.

The junior S&P/TSX Venture composite index shed 22.80 points to close at 2,497.29.

U.S. stocks also fell on Friday, with the Nasdaq finishing a third week of losses, as a profit warning from personal computer maker Dell Inc. offset enthusiasm for Microsoft Corp.’s raised outlook and US$40 billion stock buy-back plan.

The Dow Jones industrial average dropped 59.72 points, or 0.55%, to end at 10,868.38. The S&P slid 8.84 points, or 0.71%, to finish at 1,240.29. The Nasdaq composite index sank 19.03 points, or 0.93%, to close at 2,020.39.

For the week, the Nasdaq lost 0.8%, while the Dow gained 1.2% and the S&P 500 advanced 0.3%.