CANADA STOCKS-TSX slides as gold miners slammed by tumbling bullion price

Mon Jul 20, 2015 11:07am EDT
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(Updates throughout; adds analyst comments, market action)

* TSX down 121.79 points, or 0.83 percent, to 14,521.05

* Seven of the TSX's 10 main groups were down

By Solarina Ho

TORONTO, July 20 (Reuters) - Canada's main stock index fell on Monday as tumbling gold miners, hurt by a slump in bullion prices to five-year-lows, led the retreat.

Gold prices plunged some 4 percent, falling below $1,100 an ounce at one point, as sellers in China, a top consumer, dumped the precious metal. With the greenback strengthening ahead of an expected U.S. interest rate hike by the Federal Reserve this year, investors have been moving away from holding safe-haven gold.

The top four biggest drags on the index were all gold miners, each falling more than 5 percent, with many other gold names high on the list of influential decliners.

Barrick Gold Corp topped the list, plunging 10 percent to C$10.26, and Goldcorp Inc diving 8.1 percent to C$17.55. Agnico Eagle Mines Ltd also sank 8.1 percent to C$30.07.

The overall materials group, home to mining names, tumbled 4.4 percent to its lowest since the financial crisis in December 2008.   Continued...