Resource issues drag down Toronto stock index

Thu Dec 13, 2007 5:34pm EST
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By Cameron French

TORONTO (Reuters) - The Toronto Stock Exchange's main index ended lower on Thursday as weak gold and base metals issues kept the market from keeping pace with late-rallying U.S. stocks.

Stocks fell early as investors took a cautious view of a plan by central banks to inject liquidity into global money markets.

But the early losses, led by financials, were partly recouped late in the session, leaving resource-related issues to hold the broader index back.

"With oil being down and gold being down quite a bit, we didn't really have much of a chance to participate in that rally," said John Kinsey, portfolio manager at Caldwell Securities.

The S&P/TSX composite index fell 62.13 points, or 0.45 percent, to close at 13,747.25.

Seven of the ten TSX subgroups finished lower, led by a 2.8 percent drop among materials issues, which include gold and base metals miners.

Barrick Gold (ABX.TO: Quote), the world's No. 1 gold miner, fell C$1.54, or 3.8 percent, to C$38.85, yanked down by gold prices that fell to around $791 an ounce from $814.

Thompson Creek Metals TCM.TO was the mining sector's biggest decliner, falling C$1.87, or 9.9 percent, to C$17.08, after the molybdenum producer cut its production outlook for the second time in two months.   Continued...