CANADA STOCKS-Debt fears drag TSX lower, golds cushion fall

Mon Jul 18, 2011 4:14pm EDT
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TORONTO, July 18 (Reuters) - Toronto's main stock market index closed lower on Monday as frustration that European and U.S. leaders seemed unable to deal with their debt problems intensified.

But record high prices for safe-haven bullion pushed up gold-mining stocks, tempering the decline in the index, which at one point, hit its lowest point in nearly a week.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE unofficially closed down 45.40 points, or 0.34 percent, at 13,254.14. Seven of the 10 index sectors were weaker. Materials were 1.2 percent higher, driven by gold miners, up more than 2 percent. (Reporting by Ka Yan Ng; editing by Peter Galloway)