The Globe and Mail reports in its Saturday, Aug. 1, edition that Bay Street ended lower, as gold stocks fell and Telus shares tumbled after the telecom cut its dividend. A Reuters dispatch to The Globe reports that the S&P/TSX Composite Index ended down 279.7 points, or 0.8 per cent, at 35,226.14. For July, the index was up 1.1 per cent, led by energy shares. The materials group fell 3 per cent. The price of gold was down 1.3 per cent as the U.S. dollar rebounded from a more than one-month low hit in the previous session. The telecommunications sector was also a drag, falling 3.5 per cent. Shares of Telus tumbled 11.3 per cent after the company reported a second quarter loss and cut the annualized payout by 55 per cent to focus on debt reduction. Four of the 10 major TSX sectors ended higher, including energy. It added 0.6 per cent, lifting its monthly gain to more than 16 per cent. U.S. crude oil futures settled 1.3 per cent higher at $84.67 (U.S.) a barrel as reports that some tankers were forced to turn around in the Strait of Hormuz prompted traders to reassess shipping flows through the key waterway. Meanwhile, Imperial Oil, Enbridge and TC Energy all beat second-quarter profit estimates.