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* TSX down 22.99 pts, or 0.2 pct, to 11,892.44
* Materials, energy fall, financials up
* Index has worst week since Oct. 9 (Adds details, analyst's comments)
By Jon Cook
TORONTO, Nov 18 (Reuters) - Toronto's main stock index closed lower on Friday, putting in its worst weekly slide in more than a month, as resource shares fell on concerns that euro zone leaders were not acting urgently enough to resolve the region's debt crisis.
"Commodities got smoked pretty bad this week across the board," said Levente Mady, market strategist at Union Securities. "The headlines from Europe were pretty negative and global markets took their cues (from it), so we're trading in step."
Commodity stocks were hit by the European Central Bank's reluctance to commit to a broader euro zone bailout after already suffering their biggest selloff in nearly two months on Thursday. [MKTS/GLOB]
After topping $100 a barrel earlier in the week, U.S. crude futures retreated below $98. [O/R] Energy stocks were down slightly after falling 4 percent on Thursday. Suncor Energy (SU.TO) led the sector's losses, falling 1 percent to C$31.49.
Bucking the downward trend were TransCanada Corp (TRP.TO), up 2.4 percent at C$41.57, and Enbridge Inc (ENB.TO), up 0.7 percent at C$36.19. Both companies have plans to relieve bloated U.S. oil storage levels at the Cushing, Oklahoma, storage hub. [ID:nN1E7AF0TA]
Bullion edged up, but still suffered its worst week in nearly two months. [GOL/] Gold mining stocks fell 1.3 percent, dragging down the index's heavily weighted materials sector, which slid nearly 1 percent.
Diversified miner Teck Resources TCKb.TO led the materials group down, falling 1.2 percent to C$35.42.
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closed 22.99 points, or 0.2 percent, down at 11,892.44, its lowest close since Oct. 9. It was down 3 percent on the week.
Eight of the index's 10 main sectors ended lower. The financial group limited the index's loss, finishing up 0.2 percent as Italy's new prime minister, Mario Monti, won a vote of confidence in the lower house of parliament, securing a mandate for his reform agenda.
"The Italian government's second vote of confidence has ended the week with a little better tone to the European situation," said John Ing, president of Maison Placements Canada.
Yields on Italian and Spanish 10-year bonds fell, but they remained close to unsustainable levels as contagion fears continued to weigh on North American markets.
Royal Bank of Canada (RY.TO) led the financial sector higher, rising 1.1 percent to C$44.42.
Next week, the market's focus may shift to North America as the U.S. Congress's "super committee" panel faces a Wednesday deadline to reach a deal to trim $1.2 trillion from the federal budget deficit. Economists warned that failure to strike a deal could halt the U.S. economy's recent momentum, raising recession fears. [ID:nN1E7AH0HA]
($1=$1.03 Canadian) (Editing by Peter Galloway)