June 12, 2009 / 8:25 PM / 10 years ago

CANADA STOCKS-TSX caps off winning week with lower close

* TSX ends down 0.65 percent at 10,644.96

* Exits week with 0.7 percent gain (Adds details, comments, official numbers)

By Frank Pingue

TORONTO, June 12 (Reuters) - Toronto’s main stock index closed lower on Friday as a slide in oil prices pulled down the resource-heavy index, but recent gains proved enough to secure the TSX index’s fourth straight week of gains.

Energy companies, some of the key drivers behind the TSX’s 42 percent surge from the five-year low hit in March, were the main movers behind Friday’s slide as oil prices turned lower one day after rising close to an eight-month high.

Shares of Canadian Natural Resources (CNQ.TO) dropped 1.9 percent to C$64.71, while EnCana Corp (ECA.TO) shares finished down 1.5 percent at C$61.99.

The broader energy index fell 1.16 percent, second only to a 1.57 percent skid by the materials group, home to major mining issues. Seven of the TSX’s 10 sectors ended lower.

The S&P/TSX composite index .GSPTSE finished down 69.15 points, or 0.65 percent, at 10,644.96. For the week, the index rose 0.7 percent.

The lower close did not prompt much concern among analysts as it was seen as a controlled move downward, unlike the massive triple-digit drops recorded en route to the March low.

“The fact that we’ve come up so much you’d think there would be a temptation to lock in profits, and I’m sure some people have, but there are still enough people saying this is the proverbial light at the end of the tunnel,” said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier.

“Normally, when we get huge run ups there is volatility to move it down but we are not having that at all here.”

$1=$1.12 Canadian Editing by Rob Wilson

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