(RTTNews) - Bay Street stocks dropped to a 16-day low on Friday, following the direction of most global markets. The heavily-weighted energy and financial sectors both saw notable weakness in the day.

The S&P/TSX Composite Index dropped 151.24 points or 1.31% to settle at 11,382.13. The market finished the week down more than 120 points.

The Energy Index declined 2% as crude oil dropped on the NYMEX for the second straight session. Encana (ECA.TO) and Canadian Natural Resources (CNQ.TO) both lost 2.7% and Suncor (SU.TO) fell 2.1%.

Technology stocks lost 1.9%. Celestica Inc. (CLS.TO) plunged 7.15% after the company announced adjusted third quarter earnings of US$0.17 per share, compared to US$0.24 per share a ayer ago. Blackberry-maker Research in Motion (RIM.TO) dropped 2.3%.

Industrials fell 1.4%. Canadian Pacific (CP.TO) dropped 2.3% and Canadian National Railway (CNR.TO) declined 2.1%.

Financials declined 1.2%. Bank of Montreal (BMO.TO) lost 1.9%, CIBC (CM.TO) lost 1.7% and Scotiabank (BNS.TO) declined 1.1%.

In other corporate news, Agrium (AGU.TO) dropped 7% after the company said that it expects third-quarter earnings to be 90% to 95% below last year’s third-quarter results. Rival Potash (POT) fell 2%.

Shaw Communications (SJR.B.TO) lost 3% after the company reported fourth quarter net income of C$124 million or C$0.29 per share, compared to C$132.38 million or C$0.31 per share for the same quarter last year.

Apollo Gold Corp. (APG.TO) climbed 1.75% after announcing it has reached a deal to sell Montana Tunnels Mining Inc. to Elkhorn Goldfields for US$9 million.

On the economic front next week, Canadian industrial price product index and the weekly earnings report are due on Thursday and gross domestic product data is expected on Friday.

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Posted in Categories: Canada, Releases, Stocks, USA.

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