Torontos key stock index ended at its lowest closing level in five years on Friday, as early strength credited to a better-than-expected US jobs report faded, replaced by fears about the severity of the economic downturn.
The index, which fell as much as 2 percent to its lowest intraday level since October, 2003, pared much of its losses late in the session, as higher oil prices helped boost energy shares.
But the rebound fell short and left the index just below the break-even level for the day as weakness in the technology, financial and materials sectors combined to more than offset the energy rally.
BlackBerry maker Research In Motion, one of the key drags on the index, ended down 4.55 percent at C$46.60, insurer Manulife Financial fell 3.5 percent to C$9.65, and gold producer Goldcorp skidded 1.6 percent to C$37.82.
"We saw strength earlier in the day but its been a familiar pattern where if you see some strength, the selling invariably starts and markets again trend lower," said Elvis Picardo, analyst and strategist at Global Securities in Vancouver.
"The big driver today was US jobless numbers and at some points it seemed like the markets were taking that in stride, but that didnt last very long."
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