(RTTNews) - Toronto stocks moved off their lows of the session but still finished notably lower on Friday. Resource stocks posted notable losses as commodities fell.

The S&P/TSX Composite Index shed 164.47 points or 1.48% to close at 10,910.75. The market lost a little more than 470 points amid volatile trading this week.

Mining stocks lost 3.5%. Inmet (IMN.TO) plunged 6.1%, HudBay (HBM.TO) dropped 4% and Teck Resources (TCK.B.TO) declined 3.4%.

Energy stocks dropped 2.5% as crude oil fell to $77 per barrel on the NYMEX. Canadian Natural Resources (CNQ.TO) has declined 3.1%, Encana (ECA.TO) is down 3%, Suncor (SU.TO) has slipped 2.8% and Baytex (BTE.UN.TO) is down 1.9%.

Materials fell 2.5% and gold stocks lost 1.6%. Agnico-Eagle Mines (AEM.TO) dropped 5.9%, New Gold (NGD.TO) declined 3.9% and Yamana (YRI.TO) fell 3.6%.

Eldorado (ELD.TO) has slipped 1.1% although the company reported its third-quarter net income was US$30.15 million or US$0.08 per share, compared with US$17.04 million or US$0.05 per share last year.

Telecommunications stocks gained 1.4% after the Canadian Radio-television and Telecommunications Commission ruled Globalive Wireless does not meet Caanadian ownership laws to become the nation’s fourth major cellphone provider. Telus (T.TO) added 3.5%, Rogers Communications (RCI.B.TO) climbed 2.5% and BCE (BCE.TO) is up 1.1%.

Tim Hortons (THI.TO) lost 2.6% after the company announced third quarter net income attributable to Tim Hortons of C$61.18 million or C$0.34 per share, compared to C$78.76 million or C$0.43 per share last year.

Domtar Corp. (UFS.TO) rose 7.7% after the company reported net earnings of US$183 million or US$4.24 per share for the third quarter, compared to US$43 million or US$1.00 per share for the third quarter of 2008.

GLG Life Tech Corp. (GLG.TO) gained 2.5% after the company said its third-quarter net income after income taxes and non-controlling interests was C$1.39 million compared with a loss of C$0.95 million in the comparable period. The company reported an earnings per share of C$0.02 versus a loss per share of C$0.01 for the quarter.

Cogeco Cable (CCA.TO) dropped 4% after the company said its fourth-quarter net income increased to C$46.57 million or C$0.96 per share from C$31.86 million or C$0.65 per share in the prior year period.

Kinross Gold (K.TO) headlines Monday’s earnings reports. Absolute Software Corp. (ABT.TO), Enbridge (ENF.UN.TO) and West Fraser Timber (WFT.TO) are also on the docket.

On the economic front, real gross domestic product decreased 0.1% in August after being unchanged in July, according to data released Friday morning by Statistics Canada.

Next week’s big economic news from Canada comes late in the week. Canadian building permits data and the purchasing manager’s index report are coming on Thursday and unemployment data is scheduled for Friday.

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

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