TSX Slumps on Gold Price Decline, Telus Takes Heavy Hit

The Toronto Stock Exchange's S&P/TSX Composite index opened lower on Friday, weighed down by weaker mining shares as gold prices fell.

Heavyweight miners such as Eldorado Gold and Southern Cross Gold Consolidated were among the worst hit, slipping over 2% as spot gold was down 1.5%.

Telus Corp led losses on the benchmark index after it reported a second-quarter loss and reset its quarterly dividend, cutting annualized payout by 55% to focus on debt reduction.