CANADA STOCKS-TSX closes lower but posts 4th week of gains

Fri Jun 12, 2009 5:15pm EDT
 
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* TSX ends day down 0.65 percent at 10,644.96

* Exits week with 0.7 percent gain (Adds details, comments)

By Frank Pingue

TORONTO, June 12 (Reuters) - 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 CNQ.TO dropped 1.9 percent to C$64.71, while EnCana Corp ECA.TO 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 .GSPTSE 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.   Continued...