CANADA STOCKS-TSX stumbles on oil drop but salvages weekly gain

Fri Mar 27, 2009 4:49pm EDT
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* TSX falls 174.44 points to 8,821.06.

* Lower oil and commodity prices drag

* Third straight week of TSX gains (Adds details, comments and official numbers)

By Frank Pingue

TORONTO, March 27 (Reuters) - Toronto's main stock index ended lower on Friday as a drop in commodity prices shook the resource-heavy market, but the index still rose on the week, marking a third straight week of gains.

A report that showed OPEC produced more oil than it targeted in March contributed to a slide in crude and sparked a selloff in energy shares, which make up more than 20 percent of the main index. [ID:nSP390460]

Shares of EnCana Corp (ECA.TO: Quote), the biggest drag on the index, fell 5 percent to C$52, while fellow oil company Canadian Natural Resources (CNQ.TO: Quote) fell 3.2 percent to C$51.49.

The S&P/TSX composite index .GSPTSE fell 174.44 points, or 1.94 percent, to close at 8,821.06.

For the week the TSX finished up 3.7 percent, due largely to a 450-point rally at the start the week. It marked the index's third straight weekly gain.   Continued...