CANADA STOCKS-Gold stocks pull down TSX at open

Wed Aug 18, 2010 9:40am EDT
 
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TORONTO Aug 18 (Reuters) - Toronto's main stock index opened lower on Wednesday, pressured by a fall in gold-mining stocks as the price of the precious metal fell after its recent rally.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE dipped 0.79 of a point to 11,727.85, before extending its decline. Eight of the index's 10 main groups were lower.

Market focus was on developments in BHP Billiton's (BHP.AX: Quote) (BLT.L: Quote) attempt to buy Potash Corp (POT.TO: Quote). BHP said it would take its $130-a-share offer directly to shareholders, bypassing Potash Corp's board, which a day earlier called the bid "grossly inadequate". [ID:nSGE67H031] (Reporting by Ka Yan Ng; editing by Peter Galloway)