UPDATE 3-Toronto stocks fall on weaker energy shares

Fri Oct 3, 2008 4:33pm EDT
 
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*Toronto stocks shed almost 100 points

*S&P/TSX composite drops 11 percent on the week

*Energy shares drag despite U.S. bailout optimism

(Adds details, comments, official data)

By Wojtek Dabrowski

TORONTO, Oct 3 (Reuters) - The Toronto Stock Exchange's main index finished a turbulent week in negative territory on Friday as weak energy shares weighed on the market despite the passage of a multibillion-dollar Wall Street bailout package by U.S. lawmakers.

Oil edged below $94 per barrel on demand concerns, which appeared to overshadow the bailout-related optimism and provided little comfort to the S&P/TSX composite index .GSPTSE, which has plunged about 11 percent in the past week alone.

"There's still a lot of concern about the ultimate effect of the bailout will be," said Elvis Picardo, an independent strategist in Vancouver. "Currently, there's so much doom and gloom in the market, it's like there is no safe asset class."

Energy producers that bolstered the market during its runup in the last few years were among the weaker sectors on Friday. Husky Energy HSE.TO fell 4.8 percent to C$39.28. Imperial Oil IMO.TO slid 4.5 percent to C$41.51.   Continued...