Falling gold prices weighed on Toronto stocks on Thursday, but base metal and financial issues tempered losses.

The S&P/TSX Composite index closed up 13.92 points, or 0.10%, at 13,405.78.

Five of the 10 major TSX groups lost today.

The materials group fell 0.31%, as the gold sub-index sank 1.75%.

Kinross Gold Corp. shares lost 31¢, or 1.31%, to close at $23.37 and Eldorado Gold Corp. shares fell 17¢, or 2.46%, to end at $6.75.

Gold for April delivery finished down 40¢ at US$948.80 an ounce on the New York Mercantile Exchange.

Meanwhile, the base metals group gained 2.26%.

Timminco Ltd. shares gained $4.81, or 23.03%, to end at $25.70 on a heavy day of trading after it announced a deal to supply silicon to Q-Cells AG, a manufacturer of solar cells.

As well, Teck Cominco Ltd. shares gained 52¢, or 1.24%, to end at $42.42.

The heavyweight energy group remained relatively flat, gaining just 0.20%.

Crude for May delivery closed up US$1.68, or 1.6%, at US$107.58 a barrel on the Nymex.

Talisman Energy Inc. shares gained 31¢, or 1.76%, to close at $17.95.

The financials group gained 1.14%. CIBC shares remained flat, gaining 25¢, or 0.38%, to close at $66.45, a day following CEO Gerry McCaughey’s announcement that the bank has $25 billion in exposure to securities dependent on the monoline insurers.

Shares in BCE Inc. gained $1.22, or 3.42%, to close at $36.94, as the CRTC approved the takeover of the firm by a consortium led by the Ontario Teachers’ Pension Plan, although with a few conditions.

The junior S&P/TSX Venture composite index closed down 6.45 points, or 0.26%, at 2,521.09.

The Canadian dollar closed out at US98.19¢, up 0.04 of a cent from yesterday’s close.

In New York, U.S. consumer spending data was higher than expected but the financials sector tumbled after Oppenheimer analyst Meredith Whitney cut earnings forecasts for both Merrill Lynch and UBS.

The Dow Jones industrial average lost 120.40 points, or 0.97%, to end at 12,302.46. The S&P 500 shed 15.37 points, or 1.15%, to close at 1,325.76.

As well, the tech-heavy Nasdaq composite index lost 43.53 points, or 1.87%, at 2,280.83.