CANADA STOCKS-TSX falls on oil, but golds glimmer

Thu Jan 8, 2009 10:28am EST
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* Materials group lone sector advancer, gold supports

* Goldcorp, Kinross announce higher output plans

* Teck Cominco to cut 1,400 jobs, stock falls 6 pct

* Heavyweight oil group weighs as crude price falls (Adds details)

TORONTO, Jan 8 (Reuters) - Toronto's main stock index was broadly lower on Thursday morning, but off its early lows, with the gold miners the main bright spot as gold prices rose and two miners announced production increases.

The materials group, which includes gold miners, was the sole advancer, up 1.1 percent. Six gold companies were the top movers of the overall index.

Goldcorp (G.TO: Quote) rose 2.5 percent to C$33.83 as the company said it has matched its 2008 gold production forecast and plans for a 50-percent jump in output over the next five years. [ID:nN08526827]

Kinross Gold (K.TO: Quote) said late Wednesday it plans to spend $460 million this year boosting production by 32 percent to as much as 2.5 million ounces. Kinross rose 3.7 percent to C$21.02.

Teck Cominco TCKb.TO was on the downside in the materials group, down nearly 6 percent at C$7.15, as the diversified miner said it will cut 1,400 jobs as part of its plan to clip costs. [ID:nN08524937]   Continued...