CANADA STOCKS-TSX ends lower on weak golds, U.S. data
* TSX ends down 29.38 points at 11,716.69
* Six of 10 sectors lower (Updates with details, comments)
By Claire Sibonney
TORONTO, July 27 (Reuters) - Toronto's main stock index closed lower on Tuesday, weighed down by gold and other mining issues and as optimism for solid corporate earnings was undercut by a sharp drop in U.S. consumer confidence.
Gold mining stocks weighed on the resource-heavy index and spearheaded a 2.24 percent fall in the broader materials group as growing investor confidence in the economic recovery dented the metal's safe-haven appeal. [GOL/]
Barrick Gold Corp ABX.TO fell 3.9 percent to C$41.44, while Goldcorp Inc G.TO lost 3.4 percent to C$40.19.
Bruce Latimer, a trader at Dundee Securities, also pointed to a gold option expiry that will increase volatility in the subsector and which saw U.S. gold futures settle at a three-month low, losing 2 percent on technical selling.
August gold futures GCQ0 settled down $25.10, or 2.1 percent, at $1,158 an ounce.
"Clearly, with gold down about $25 or so, a big mover today is Barrick," said Irwin Michael, a portfolio manager at ABC Funds in Toronto. Continued...