CANADA STOCKS-Falling metals prices pull TSX to loss

Fri Oct 31, 2008 4:53pm EDT
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*TSX logs biggest monthly drop in a decade in October

*Benchmark index ends week up 5 percent

*Goldcorp, Centerra, Eldorado fall after results

TORONTO, Oct 31 (Reuters) - Toronto Stock Exchange's main index closed lower on Friday, logging its biggest monthly drop in a decade, pulled down by falling gold and base metals prices, which were pressured by a stronger U.S. dollar and demand concerns.

Leading the way down were oil company EnCana Corp (ECA.TO: Quote), which dropped 2.3 percent to C$61.23, and miner Barrick Gold (ABX.TO: Quote), which fell 7.8 percent to C$27.56.

The index had risen in the three previous sessions on firmer commodity prices.

The energy group was 0.5 percent lower, even though oil rebounded on a late day short-covering rally to settle up $1.85 at $67.81 a barrel. Crude ended the month down more than 32 percent, its biggest monthly fall to date. [ID:nSP407200]

Gold logged its biggest monthly drop in 25 years, hit by a stronger U.S. dollar and recession fears [ID:nLV498323], which helped to push the materials sector 5 percent lower.

Among gold miners reporting quarterly results were Goldcorp (G.TO: Quote), which fell 8.1 percent to C$22.54, Centerra Gold (CG.TO: Quote), down 12.5 percent at C$1.05, and Eldorado Gold (ELD.TO: Quote), down 5.9 percent at C$4.98. [ID:nN31335225]   Continued...