The TSX was down on Friday, despite some better than expected economic data in the US, as gold stocks were weighed down by weaker prices of the yellow metal. As of before noon, the S&P TSX Composite Index fell 52.35 points, or 0.4%, to 12,927.23, while the more junior S&P TSX Venture Composite Index lost 1.92 points, or 0.1%, to 1,912.96. In the US, first quarter GDP, which came out at 8:30am EDT, indicated the economy expanded at an annual rate of 1.9%, in line with expectations of 1.8% growth. In the fourth quarter, gross domestic product grew at a rate of 3.1%. First quarter growth was attributed to increased business inventories, less of a decline in residential construction and less of an increase in imports. Data on May durable goods orders was also released, with orders rising 1.9%, beating analyst estimates of 1.5%, as orders for transportation equipment rebounded. This compared to a revised 2.7% slide in April. Still, stocks in Canada declined as gold and oil prices dropped, impacting mining and energy companies. Crude for August lost 0.27%, or 25 cents, to $90.77 per barrel, while gold futures lost more than $11.0, or 0.76%, to 1,509.00 per ounce. Futures of silver, and base metal copper, however, rose. The two biggest sector losers on the Canadian markets on Friday were energy and info tech, each shedding more than 0.72%. Talisman Energy (TSE:TLM), Suncor Energy (TSE:SU) and EnCana Corp (TSE:ECA) each lost under 1%. Kinross Gold (TSE:K) fell 1.25% to $14.98, while Barrick Gold (TSE:ABX) dropped 0.8% to $42.6. IAMGOLD (TSE:IMG) also shed 2.75%, alongside Great Basin Gold (TSE:GBG), which fell 0.5%. Western Copper (TSE:WRE), meanwhile, gained more than 5% as the company said on Thursday that it plans to spin off its non-core assets into two new companies, as part of its effort to focus on its main Casino project in Canada's Yukon territory. In deal news, Colorado-based Golden Minerals (AMEX:AUMN) (TSE:AUM) and ECU Silver Mining (TSE:ECU) announced that they would combine, in what the two juniors dubbed a "merger of equals", creating a junior silver mining company with a portfolio of growth projects, primarily in Mexico and Argentina, with a combined basic market cap of over $600 million. Under the terms of the transaction, which has been approved by both boards, each ECU share will be exchanged for 0.05 Golden Minerals shares and $0.000394 in cash, giving existing Golden shareholders a 49% stake of the new entity, with ECU holding the remainder. Shares of ECU dropped more than 5%. In other news, Montreal-based Bombardier Aerospace (TSE:BBD.B) reported on Friday that it has signed another firm order for 10 CS100 jetliners from an undisclosed first-time buyer, yet a further boost to the new line. Based on the list price of the CS100 aircraft, the order is valued at roughly US$628 million, the transportation company said. Earlier this week, Bombardier announced Korean Air Lines, South Korea's flagship carrier, agreed to buy 10 CS300 jets, as well as 10 options and 10 purchase rights. This was in addition to another undisclosed carrier this week that had placed an order for 10 CSeries passenger jets with an option to buy another six, due to be the first to fly the planes in 2013.

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