Stocks in Toronto finished lower today. Investors bailed out of cyclical stocks to avoid an earnings period that is predicted to be gloomy.

The Toronto Stock Exchange 300 composite index closed down 78.65 points to 7,623.28. Industrial and consumer stocks led the decline dragging the below last yearÕs finish of 7,688.41. Market momentum was negative. Declining issues outnumbered advancing issues 599 to 455, on volume of 146.1 million, valued at $2.77 billion.

The tech-heavy industrial products group led the decline. It fell 2.45 percent, led by Nortel Networks Corp., which declined 47¢ to $12.38, and Research In Motion which declined $1.61 to $36.39.

Magna International shares fell sharply in response to an announcement that company Chief executive, Belinda Stronach, will take over as president from James Nicol. He resigned earlier today. Magna Ashares finished down $6.22, at $96.78 on a volume of 2.8 million. The B shares fell $9.70, to $96.00.

Overall, 11 of the TSE’s 14 sub-indices posted declines, as the consumer products group slipped 1.72%, led by drug companies Biovail Corp. It dropped $2.79 to $82.50. QLT Inc. lost $1.15 to $38.20.

The S&P/TSE 60 index dropped 5.11 points, to finish at 437.03. Trading at the CDNX was heavy on a volume of 39.0 million shares worth 13.5 million dollars. There were 206 advances, 220 declines and 585 issues unchanged.

South of the border, U.S. stocks struggled. Thanks to a gloomy speech by U.S. Fed chairman, Alan Greenspan, worries about profit dampened optimism about a rebound later this year.

The Dow Jones industrial average fell 96.11 points, or 0.96%, to 9,891.42. The NASDAQ composite index fell below the 2,000 level, declining 31.72 points, or 1.57%, to 1,990.74.

Tomorrow, the Bank of Canada is expected to announce another interest rate cut on Tuesday morning, the 10th in the current round of cuts.