September 18, 2009 / 12:34 PM / 8 years ago

TSX ends lower as golds slip, up for 4th week

<p>People walk by a Bay Street sign inside the financial district in Toronto October 10, 2008. REUTERS/Mark Blinch</p>

TORONTO (Reuters) - Toronto’s main stock index fell at the close on Friday, ending an active trading week with the heavily weighted materials sector retreating on weaker golds, while technology issues gained ahead of quarterly reports next week.

The S&P/TSX composite index ended the session down 82.28 points, or 0.71 percent, at 11,445.95, after bouncing from flat, to positive and back to negative territory throughout the day.

“The market has had a very tight range today,” said Bruce Latimer, a trader at Dundee Securities in Toronto.

“I think after having a decent week and a decent couple of weeks, people are kind of content to not push it, so to speak,” he added.

Gold miners were among the chief decliners, dragging down the broader materials group 1.69 percent, largely as the price of bullion backed away from 18-month highs.

Barrick Gold led all influential decliners, down 2.5 percent at C$39.65, followed by Goldcorp, down 2.2 percent at C$43.99. Kinross was off 4.2 percent at C$23.38.

The oil and gas sector weakened 1.45 percent as the price of crude slipped toward $72 a barrel, hitting big names such as Suncor, down 2 percent at C$38.59, and EnCana, down 2.4 percent at C$61.39.

Other decliners in the space were Canadian Natural Resources, down 2.3 percent, and Imperial Oil, down 4.35 percent.

“Overall, I think it’s just a day when the Canadian market is taking a little bit of a pause here and people are reflecting on the strength of the recovery,” said Michael Sprung, president of Sprung & Co. Investment Counsel.

The lower close on Friday extended Thursday’s decline, when the TSX slid 0.24 percent as investors took profits after five straight sessions of gains. On the week, the TSX was up 1.7 percent, its fourth straight weekly rise.

On the upside on Friday, the technology and financials sectors both showed gains.

The small technology group rose 0.89 percent, helped by a positive outlook for upcoming earnings reports.

BlackBerry maker Research in Motion, which reports next Thursday, was up 1.1 percent at C$89.26, and Open Text was up 3.53 percent to C$42.50.

The heavyweight financials eked out a seventh straight day of gains, edging up 0.03 percent, led by Canada’s top life insurer, Manulife Financial, up 2.8 percent at C$22.78.

($1=$1.07 Canadian)

Reporting by Pav Jordan and Ka Yan Ng; editing by Rob Wilson

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