TORONTO (Reuters) - Toronto's main stock index slipped lower yesterday as investor jitters about European debt woes and a glum outlook from tech heavyweight Cisco Systems sparked fresh worries about sluggish economic growth.

The concerns about Europe hit influential names in the financial sector including Bank of Nova Scotia, down one percent at C$53.85, and Royal Bank of Canada also down one percent at C$53.70. Bank of Montreal fell 1.2 percent to C$58.52.

"You've had the nagging problems of Ireland and debt problems," said Irwin Michael, portfolio manager at ABC Funds.

"People are not sure what to speculate on that, and there were concerns that might spread to Portugal and Spain, so in consequence the banks are under a little bit of pressure."

Uncertainty about the Group of 20 summit in Seoul was another factor keeping investors somewhat cautious, added Michael.

The Toronto Stock Exchange's S&P/TSX composite index finished the day down 7.90 points, or 0.06 percent, at 12,934.74, with eight of its 10 main sectors in the red. Energy and materials managed to notch gains, up 0.04 percent and 0.9 percent, respectively.

The blue chip S&P/TSX 60 index closed 0.20 points lower, or 0.03 percent, at 741.86.

Francis Campeau, a broker at MF Global Canada in Montreal, said that despite the soft market action yesterday technicals are largely intact.

"To try to catch the top is always a tough venture. I think technicals are still quite healthy," he said. Campeau said a selloff could be triggered if the market fell below the 50-day moving average of around 12,500.

Broader market sentiment was also dampened after Cisco Systems Inc gave a dismal revenue outlook, stunning investors who had hoped for proof of a recovery in technology spending. The news helped to send US stocks lower.

"They're pretty much a worldwide gauge of what's going on in terms of the corporate sector. Their outlook is dampening (investor sentiment), no doubt about that. People are realising slow means slow — slow growth for the economic cycle," said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier.