CANADA STOCKS-TSX falls as energy, materials weigh

Fri Nov 14, 2008 4:42pm EST
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* TSX down 3 percent on day, 5.6 percent for week

* Energy sector sags as crude slides to $57.04

* RIM, Nortel help drag technology sector down

* Canwest drops 8.8 percent after quarterly results (Adds official closing numbers, details)

TORONTO, Nov 14 (Reuters) - The Toronto Stock Exchange's main index retreated broadly on Friday, led lower by weakness in energy and materials issues as gloomy U.S. retail sales data heightened worries about a deeper economic downturn.

Heavily weighted stocks that helped push the key index lower included EnCana Corp (ECA.TO: Quote) and Research in Motion RIM.TO.

The energy sector was a major source of weakness for the market, down 3.2 percent as the price of oil dropped to $57.04 a barrel on expectations of further weakness in demand as the euro zone slipped into a recession and on gloomy U.S. economic data. [ID:nSP399460] EnCana fell 5.8 percent to C$54.75.

The materials group was off 5.9 percent, helped lower by Agrium Inc (AGU.TO: Quote), which retreated 7.4 percent at C$40.49.

Potash Corp of Saskatchewan (POT.TO: Quote) was down 4.2 percent at C$86.12. Potash saw union workers ratify a new three-year contract this week at three of the company's Saskatchewan mines. [ID:nN14442189]   Continued...