* Miners pressured by gold prices

* TELUS ( TU ) biggest loser, posts Q2 loss and halves dividend

* May GDP rises 0.3%

By Sudeshna Ghoshal

July 31 (Reuters) - Canada's main stock index opened lower

on Friday, weighed down by weaker mining shares as gold prices

fell, while Telus ( TU ) dropped after the telecom firm cut its

full-year service revenue outlook.

The Toronto Stock Exchange's S&P/TSX Composite index

was down 0.5% by 10:37 a.m. ET, but remained on track to post

its fourth straight monthly gain.

* Heavyweight miners were among the worst hit, slipping over

2%, as gold prices slipped against a stronger dollar. Eldorado

Gold ( EGO ) , Southern Cross Gold Consolidated and

DPM Metals ( DPMLF ) were among the biggest laggards, down

between 5.1% and 7.4%.

* Spot gold was down 1.5%, while silver fell

more than 2%.

* Telus Corp ( TU ) slumped more than 11%, leading losses on

the benchmark index after it reported a second-quarter loss and

reset its quarterly dividend, cutting annualized payout by 55%

to focus on debt reduction.

* Investors were also assessing GDP data that showed the

Canadian economy grew by a greater-than-expected 0.3% in May and

looks set to turn in its best annualized quarterly performance

for more than three years.

* Meanwhile, energy shares were up 0.5% after oil

prices rose over 1% as reports that some tankers were forced to

turn around in the Strait of Hormuz prompted traders to reassess

shipping flows through the key waterway.

* "Energy had a nice run. It is an opportunity as well for

clients to take some money off the table and shift," said

Michael Constantino, CEO of Webull Canada.

* Financial and consumer staple shares

were also up 0.4% and 1.2% respectively.

* In company news, Imperial Oil ( IMO ), Enbridge ( ENB )

and TC Energy ( TRP ) all beat second-quarter profit estimates.

* Separately, retailer Alimentation Couche-Tard ( ANCTF )

said on Friday it plans to buy Poland's Zabka for about

$8.7 billion. The deal is expected to close by December 2026.