CANADA STOCKS-Plunge in gold miners takes 2 pct off TSX index

Mon Apr 15, 2013 1:25pm EDT
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(Adds comment, details, updates prices)

* TSX falls to lowest level since Nov 28 on commodity sell-off

* Barrick Gold falls 10 pct

* China's disappointing growth hits resource shares

By Alastair Sharp

TORONTO, April 15 (Reuters) - Canada's main stock index fell more than 2 percent to its lowest level in almost five months on Monday, as disappointing growth in China spurred a sharp sell-off in gold that weighed on miners and took a heavy toll on the resource-rich market.

Barrick Gold Corp, the world's biggest producer of gold, plunged more than 10 percent as the price of the precious metal fell to a two-year low below $1,400 per ounce.

"Gold has completely lost its value in terms of the stock prices of gold companies," said Barry Schwartz, portfolio manager at Baskin Financial Services. "Gold companies used to trade for two or three times net asset value. Those days are gone."

Teck Resources Ltd fell 8.3 percent to C$25.84, and First Quantum Minerals lost 9.8 percent to C$16.22. Goldcorp Inc fell 3.9 percent to C$28.88 and Kinross Gold Corp lost 10.4 percent to C$5.75.   Continued...