Stocks in Toronto nearly hit a triple-digit loss today. A drop in the industrial sector was offset by a strong performance among the gold issues. The Toronto Stock Exchange 300 composite index closed down 99.44 points at 7,591.07.

Overall, 12 of the TSE 300’s 14 sub-indexes dropped. The industrial products sector, which makes up nearly 20% of the TSE, lost 3.8%.

Nortel Networks Corp. was the most active issue with more than 12 million shares changing hands. It finished the day down 84¢, or 7.5 percent, at $10.42.

Bombardier Inc. fell 54¢, 3.6%, at $14.55. This occurred as the company urged shareholders to reject an unsolicited offer from private investment firm TRC Capital Corp. to purchase 2% of its class B shares.

Declining issues outweighed advancing issues by 668 to 424 on a volume of 174.9 million shares worth $2.52 billion.

The gold and precious minerals sector joined a global rally to safety. Franco-Nevada Mining was among the top net gainers. It gained $1.39 to $30.41. Brrick Gold rose $1.17, or 4.3 percent, to $28.70.

The S&P/TSE 60 index fell a mere 6.83 points to 433.98. The oil and gas sub-group finished up 0.08%, as signs of stabilizing oil prices, and a recent oil field explosion which halted the supply from OPEC-member, Kuwait, combined to boost sentiment. PanCanadian Energy closed up 25¢ to C$44.85. Husky Energy added 32¢ to C$16.10.

The S&P/CDNX Composite Index closed up 2.74 at 1135.30. Trading was heavy on a volume of 47.6 million shares worth 16.3 million dollars, with 204 advances, 227 declines and 557 issues unchanged.

South of the border, the indexes also closed lower. Confidence in corporate accounting has investors worried about holding the next Enron. The Dow Jones industrial average fell 220.17 points to 9,687.06. The NASDAQ composite index closed down 55.71 points to 1,855.53.