Toronto's main stock index closed lower on Friday as a slide in oil prices pulled down the resource-heavy index, but it still notched up its fourth straight week of gains. Energy companies, which were key drivers behind the TSX index's 42 percent surge from the five-year low it hit in March, were the main movers behind Friday's slide.
They fell with oil prices, which turned lower a day after rising to near an eight-month high. Shares of Canadian Natural Resources dropped 1.9 percent to C$64.71, while EnCana Corp finished down 1.5 percent at C$61.99. The TSX index's energy sector fell 1.16 percent, second only to a 1.57 percent skid by the materials group, home to major mining issues. Seven of the TSX's 10 sectors ended lower on Friday.
The S&P-TSX composite index finished down 69.15 points, or 0.65 percent, at 10,644.96. For the week, it rose 0.7 percent. The lower close did not prompt much concern among analysts as it was seen as a controlled move, unlike the triple-digit drops recorded en route to the March low.
Gold-mining stocks dropped as gold futures broke below $940 an ounce after failing last week to break above the $1,000 an ounce level. Goldcorp was down 2.3 percent at C$39.05, and Kinross Gold fell 3.7 percent to C$19.68. While the TSX ended the week with a gain, trading was subdued over the five days, and Friday's drop was the only triple-digit move. On Tuesday, the index fell just by just one point.
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