CANADA STOCKS-Retreating golds drag TSX lower

Thu Jan 13, 2011 5:26pm EST
 
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* TSX falls 0.44 percent to 13,401.48

* Golds chief decliners, outweigh six advancing sectors

* Inmet jumps 6 pct on news of Lundin merger (Adds details, quotes)

By Ka Yan Ng

TORONTO, Jan 13 (Reuters) - Toronto's main stock index fell 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 by 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.   Continued...