Toronto stocks gave up early gains to close lower on summer doldrums and after digesting deals involving Toronto-Dominion Bank (Toronto:TD.TO - news) and British American Tobacco Plc. on Tuesday

The Toronto Stock Exchange's main 300 Composite Index lost 47.74 points, or 0.67 percent, to close at 7033.29. The TSE 300 had climbed more than 28 points after the opening bell to 7109. Volume was a moderate 83.2 million shares valued at C$1.8 billion as decliners topped advancers 540 to 431. Another 279 issues were unchanged. The blue-chip S&P/TSE 60 index fell 2.66 points, or 0.64 percent, to 412.44 points. The Dow Jones industrial average was up 31.35 points, or 0.29 percent, at 10,677.31. The technology-laced Nasdaq composite index fell 35.69 points, or 1.36 percent. ``The market is very, very quiet, it's also very, very thin and it doesn't take much to move things. The market is very volatile, very sporadic in terms of its direction,'' said Irwin Michael of I.A. Michael Investment Counsel Ltd.

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