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* TSX falls 1.01 percent to 11,685.37
* Miners, banks, oils all march lower (Adds details)
By Ka Yan Ng
TORONTO, Jan 15 (Reuters) - Toronto's main stock index took a broad hit on Friday, falling more than 1 percent as weakness in energy, materials and banking groups combined to wipe out the last vestiges of the gains the index made as the new year dawned.
Commodity prices fell and bank shares were hit by concerns over a bank fee proposed by U.S. President Barack Obama, as well as by disappointing results from JPMorgan Chase & Co (JPM.N).
JPMorgan reported deep fourth-quarter loan losses that raised concerns about earnings for the broader U.S. bank sector. [ID:nN15183524]
Corporate results over the next several weeks will likely drive the direction of equity markets. JP Morgan's results, along with falling commodity prices, overshadowed better-than-expected numbers from chipmaker Intel.
"We were lower right from the get-go because there were a couple of factors that offset the news from Intel," said Elvis Picardo, analyst and strategist at Global Securities in Vancouver.
"Investors chose to focus on JP Morgan's numbers. Their somewhat cautious outlook put a dampener on investors' optimism, and we have commodity prices under pressure yet again. These factors combined to take a pretty big toll on the index today."
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closed down 119.01 points, or 1.01 percent, at 11,685.37. All 10 of the index's main sectors dropped, with the mining-heavy materials group leading the way.
All the gains made in the first sessions of the new year, which included a brief rally above 12,000, were erased on Friday. The index ended 2009 at 11,746.11.
$1=$1.03 Canadian Reporting by Ka Yan Ng; editing by Peter Galloway