July 5, 2013 / 3:23 PM / 6 years ago

CANADA STOCKS-TSX stumbles as golds dive after U.S. jobs data

* TSX falls 59.23 points, or 0.49 percent, to 12,107.43
    * Nine of 10 main index sectors decline
    * Barrick hits 21-year low on bullion drop

    By John Tilak
    TORONTO, July 5 (Reuters) - Canada's main stock index
stumbled on Friday after a robust U.S. jobs report showed
growing strength in the world's largest economy but lessened the
appeal of safe-haven assets such as bullion, causing gold-mining
stocks to dive.
    Shares of gold producers dropped almost 5 percent, with
Barrick Gold Corp, the world's largest gold miner,
losing more than 5 percent of its market value to hit its lowest
level in about 21 years.
    Increasing signs that U.S. economic recovery is gathering
speed raised fears that the Federal Reserve might dial down its
massive stimulus program later this year.
    Data showed U.S. job growth was stronger than expected in
June and that the employment count for the previous two months
was higher than initially reported. 
    "It's good news for the economy but bad news for the people
who think that quantitative easing is going to be here forever.
It's not," said Irwin Michael, portfolio manager at ABC Funds.
    "Once you get palpable results that the economy is getting
better, you don't want to see the Fed poking around too much,"
he added. "You want to see the economy getting stronger on its
    The Toronto Stock Exchange's S&P/TSX composite index
 was down 59.23 points, or 0.49 percent, at 12,107.43.
    Nine of the 10 main sectors on the index were in the red.
    The materials sector, which includes mining stocks, declined
the most among the major groups, giving back 2.1 percent. Gold
miners tumbled in a volatile session after the price of the
precious metal fell, with the U.S. dollar rising on the jobs
    Barrick fell to C$14.53, hitting its lowest level since May
1992, and Goldcorp Inc lost 3.1 percent to C$25.
    Energy shares declined 0.3 percent. Suncor Energy Inc
 was down 0.5 percent at C$30.94, and Canadian Natural
Resources Ltd fell 0.4 percent to C$31.30.
    Financials slipped 0.2 percent, and utilities fell 0.8
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