TSX led lower by miners as global growth worries resurface

TORONTO (Reuters) - Canada's main stock index slipped on Wednesday, led by miners and other shares in the materials sector, as gloomy economic commentary from the World Bank and weak industrial data from Europe renewed investor concerns about global growth.

The index eased from a 10-1/2 month high it hit on Tuesday, when the materials sector outperformed the market. The group on Wednesday played the biggest role in leading the market lower.

"The market has been on a nice tear. We need to get confirmation from CEOs and earnings that we have turned the corner," said Barry Schwartz, vice president and portfolio manager at Baskin Financial Services.

Several of the country's major companies, including Canadian National Railway Co , will be reporting quarterly earnings next week.

For now, investors turned their attention to macroeconomic concerns after the World Bank said a slow economic recovery in developed nations was holding back the global economy as it sharply cut its outlook for world growth in 2013.

Meanwhile, demand for new cars in recession-bound Europe fell to a 17-year low in 2012, highlighting the crisis for automakers on the continent.

The Toronto Stock Exchange's S&P/TSX composite index <.gsptse> was down 35.87 points, or 0.28 percent, at 12,606.10.

Nine of the 10 main sectors on the index were in the red. The information technology sector, the lone group in positive territory, was up 1.1 percent because of a 5 percent jump in Research In Motion Ltd .

RIM shares rose to C$14.96 after it said it received an approval from Visa Inc for a mobile payment solution.

Magna International Inc gained 0.2 percent to C$51.26 after the Canadian auto parts manufacturer said it expects sales to edge higher this year, citing strong growth in fast-growing markets such as China and Brazil.

The materials sector, which includes mining stocks, slipped 0.6 percent. Fertilizer giant Potash Corp lost 1.2 percent to C$41.10, and miner Barrick Gold Corp fell 0.8 percent to C$33.77.

The financial sector, the index's largest, gave back 0.2 percent, and energy stocks dropped 0.3 percent despite a rise in oil prices.

(Editing by Nick Zieminski)

Source: http://news.yahoo.com/tsx-may-open-lower-cut-global-growth-outlook-132359834--finance.html

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