CANADA STOCKS-TSX falls, ends worst week in more than a month

Fri Nov 18, 2011 5:37pm EST
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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
 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
 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)