* 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.