CANADA STOCKS-TSX hit by falling bullion; Barrick, Goldcorp drop

Thu Jan 13, 2011 4:51pm EST
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* TSX falls 0.44 percent to 13,401.48

* Golds chief decliner, outweighs six advancing sectors

(Updates to close)

TORONTO, Jan 13 (Reuters) - Toronto's main stock index closed weaker on Thursday, as major gold miners like Barrick Gold ABX.TO and Goldcorp G.TO retreated with the price of bullion.

The materials group, down 2.09 percent and home to gold miners, was the chief sector pulling down the overall index.

The fall in gold miners offset strength from base metal miners that rallied on news of another multibillion dollar merger in the sector.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE fell 58.73 points, or 0.44 percent, to finish at 13,401.48. Six of the index's 10 main groups were higher, but were no match for the heavy losses in the materials sector.

Five gold miners were among the top 10 blue-chip heavyweight decliners. The gold subindex tumbled 2.9 percent.

Barrick lost 4.93 percent to close at C$46.88, while Goldcorp fell 3.44 percent to C$41.56. Kinross Gold K.TO declined 2.96 percent to C$17.05, Agnico-Eagle AEM.TO shed 2.4 percent to C$69.87 and Yamana Gold YRI.TO dropped 2.96 percent to C$11.82.   Continued...