Toronto stocks ended lower on Wednesday as investors locked in recent profits. The S&P/TSX composite index closed down 22.36 points at 7,204.99.

A better-than-expected GDP report was shrugged off by investors. After contracting in April, Canada’s economy grew by a slim 0.1 per cent in May, Statistics Canada reported Wednesday.

The heavily weighted financial services sector slipped 0.64%, while information technology stocks fell 0.39%.

Scotiabank shares dropped $1.63 to $60.96 while Great-West Lifeco share jumped 28¢ to $40.19 on improved second-quarter earnings.

Tech stocks were hampered by a disappointing forecast from Intel. Nortel Networks fell 12¢ to $3.98.

Gold stocks also weighed on the market, slipping 0.85%, as bullion prices were hit by another bout of profit-taking.

Placer Dome fell 35¢ to $17.10. On Tuesday, Placer reported a stronger second-quarter profit but said its cash costs rose because of higher energy costs and a weaker U.S. dollar.

Meridian Gold lost 55¢ to $17.10, while Barrick Gold fell 44¢ to $23.85.

The industrials, energy and utilities sectors were among the gainers.

In earnings news, BCE fell 70¢ to $31.65 after Canada’s biggest telecom company reported flat quarterly revenue of just under $5 billion. Profits were higher at $461 million, but BCE’s outlook was cautious as revenues remained slack at its key Bell Canada telephone unit amid weak business spending.

Talisman Energy’s second-quarter profit soared 123%, but its shares fell 18¢ to $59.82.

The S&P/TSX Venture composite index closed up 3.36 points at 1,193.45.

Trading was heavy on a volume of 38.9 million shares worth $26.2 million, with 198 advances, 222 declines and 506 issues unchanged.

In New York, stocks slipped after bearish comments from Intel. But many investors simply sat out the session, waiting for gross domestic product and employment data due out later this week.

The Dow Jones industrial average closed down 4.41 points at 9,200.05. The tech-heavy Nasdaq composite index fell 10.46 points to 1,720.91. S&P 500 index declined 1.79 points to 987.49.

The market was still smarting from Tuesday’s report from the Conference Board, showing an unexpected and steep drop in consumer confidence.
The Canadian dollar slumped against the U.S. currency despite the better-than-expected GDP report. The loonie closed at US71.40¢, down from US72.18¢ at Tuesday’s close.