CANADA STOCKS-TSX falls on gold miners; eye on EU summit
* TSX down 58.31 points, or 0.51 percent, at 11,272.08 * Gold miners lead the way * Losses offset by fertilizer producers By Allison Martell TORONTO, June 26 (Reuters) - Canada's main stock index fell on Tuesday, led lower by gold miners as the price of the precious metal eased and investors looked ahead to the European Union summit on Thursday and Friday. Gold fell as Spanish bond yields rose and the euro slid, and hopes faded that the summit would make progress in resolving the euro zone's debt crisis. John Kinsey, portfolio manager at Caldwell Securities Ltd, said many investors were on the sidelines ahead of the summit, but he did not see major progress coming out of the meeting. "They have a track record of just talking and talking, and nothing really concrete comes forward, so I don't know why this would be anything different," he said. Kinsey said volume was light as investors waited for the summit's outcome. At about 11:40 a.m. (1540 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 58.31 points, or 0.51 percent, at 11,272.08. Spain's short-term borrowing costs nearly tripled, and Italy also sold debt, with yields rising to the highest since December. The heavyweight materials group, which includes gold miners, lead the market lower, falling 1.6 percent. Barrick Gold fell 4.0 percent to C$37.87, and Goldcorp Inc was 2.5 percent lower at C$38.21. The two stocks played the biggest role in pulling the index lower. Losses were offset by fertilizer producers. Potash Corp rose 3.7 percent to C$43.79, and Agrium Inc was 1.3 percent higher at C$88.98 as corn continued to rise. Corn rose by the daily maximum 40 cents on Monday as an unexpectedly hot, dry spell this week damaged crops that are already in their worst condition in 24 years. Shares of the fertilizer makers typically track the prices of fertilizer-intensive corn closely as higher grain prices are likely to spur farmers to increase their use of crop nutrients.
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