Toronto stocks closed lower for the third straight session despite a strong showing from gold-mining stocks. The S&P/TSX composite index fell 35.80 points, or 0.47%, to 7,614.40.

On the week, the index lost 1.3%, ending three straight winning weeks.

Tech stocks led the decline dropping 2.44%. Nortel fell 40¢, or 6.8%, to close at $5.45 after it posted a surprise third-quarter profit on Thursday, but set nerves on edge with news it will restate key financial data going back to 2000.

Open Text Corp. reversed its 3% mid-morning gain and closing down 10¢ at $23.65, after it was upgraded by Raymond James.

Certicom shares soared $1.67, or 114%, to close at $3.13, after the maker of wireless encryption software signed a $25 million licensing deal with the U.S. National Security Agency.

Gold-mining stocks gained 1.98% as the bullion price neared 7-year highs.

Golden Star climbed 45¢ or 6.67% to close at $7.20, Gabriel Resources was up 18¢, or 4.8%, at $3.94 and Eldorado Gold advanced 17¢, or 4%, to $4.29.

Barrick Gold added 40¢, or 1.6%, to close at $25.60.

CFM Corp. shares plunged $1.41 or 12% to close at $10. The maker of fireplaces and barbecues announced a restructuring on Thursday and lowered its profit forecast for 2004.

TSX volume was about 307 million shares. Market momentum was positive, however, with advancers topping decliners 617 to 560.

The junior S&P/TSX Venture composite index jumped 23.06 points to 1,480.53.

On Wall Street, stocks fell on Friday after a cautious outlook from Microsoft added fuel to investors’ concerns that the market’s heady advance this year has gone too far.

The blue-chip Dow Jones industrial average fell 30.67 points, or to 9,582.46. The tech-heavy Nasdaq composite index slipped 19.92 points, or 1.06%, to 1,865.59. The broad S&P 500 shed 4.86 points to 1,028.91.

For the week, the Nasdaq dropped 2.5%, while the Dow lost 1.4% and the S&P 500 fell 1%.

The Canadian dollar gained some ground against the U.S. greenback. The loonie finished at US76.50¢, up from US76.38¢ at Thursday’s North American session close.