Gold stocks were the big influence on the Toronto Stock Exchange Monday. Volume was light thanks to a trading holiday in the United States.

The S&P/TSX composite index fell 0.72 points to 7,667.03.

Overall, eight of the TSX’s 13 sub groups advanced, but the gains were all less than 1%.

The biggest losses were in the gold index, which fell 3.47%. Placer Dome fell $1.62 to close at $20.30 in heavy volume. The firm announced a $1.7 billion unsolicited takeover bid for AurionGold of Australia.

Barrick Gold fell 96¢ to $34.19. Bullion prices were virtually unchanged Monday.

Inco rose $1.17 to $34.99 as reports persist that the company and the Newfoundland government are close to signing an agreement to develop the Voisey’s Bay nickel deposit in Labrador.

Falconbridge and Noranda saw their close relationship get a little closer Monday as the two companies announced a swap of their top management. Falconbridge gained 21¢ to $19.26, while Noranda added 30¢ to $19.06.

Hurricane Hydrocarbons plunged $3.24 to $19.35 after it had to reduce its oil production in Kazakhstan, in part because of unexpected policy changes by the Kazakh government.

Compton Petroleum shares fell 19¢ to $4.31 after it reported a sharp drop in first quarter profit and revenue.

Nortel fell 3¢ to $3.92; BCE dropped 16¢ to $25.50.

Bank of Montreal, which reports quarterly financial results Tuesday, was up 15¢ at $36.90. Scotiabank, also reporting Tuesday, was up a penny at $52.60.

The TSX Venture Exchange advanced 1.73 points at 1,225.88.

U.S. markets were closed for the Memorial Day holiday.

The Canadian dollar gained US0.01¢ to US65.23¢.