Toronto stocks closed lower Friday as a big drop in Biovail combined with sagging tech and industrial issues.

The S&P/TSX composite index closed down 42.89 points, or 0.3%, at 14,582.87.

The benchmark gained 0.6% on the week.

Biovail plunged $5.64, or 21.2%, to $20.95 after it said the U.S. Food and Drug Administration has rejected its new drug application for antidepressant bupropion.

The industrials sector fell 1%, led by Canadian Pacific Railway which jumped earlier this week on takeover speculation. CPR has eased since then and was down $1.72, or 1.9%, at $86.99 on Friday.

Technology stocks fell 0.9%. BlackBerry maker Research In Motion, slipped $2.44, or 1%, to $241.90 as disappointing results south of the border from Google chilled North American tech stocks.

Base and precious metal prices remained firm on Friday, despite a rise in interest rates in resource-hungry China. The TSX gold-mining sub-sector climbed 0.27%.

Meridian Gold added 22¢, or 0.7%, to $31.80 after it urged its shareholders to defer a decision on an unsolicited takeover offer from Yamana Gold until its board makes a recommendation.

Yamana skidded 15¢, or 1.1%, to $13.25.

Shares of Southwestern Resources Corp. were down 63¢ or 21.72% to $2.27 after plunging 52% Thursday on word of problems with assay results from its Boka gold site in China and the firing of the project’s general manager. Two Ontario law firms said late Friday they have filed a $220 million lawsuit on behalf of the Vancouver-based company’s shareholders

The energy index eased 0.4% as the price of oil slipped 28¢ to US$75.79 a barrel on the New York Mercantile Exchange.

EnCana shed 73¢, or 1.1%, to $66.75.

The junior S&P/TSX Venture composite index edged up 6.87 points to 3,325.86.

The Canadian dollar slipped 0.44 of a cent to close at 95.37¢.

U.S. stocks tumbled on Friday, battered by disappointing results from such bellwethers as Caterpillar and Google.

The Dow Jones industrial average fell 149.33 points, or 1.07%, to end at 13,851.08. The S&P lost 18.98 points, or 1.22%, to finish at 1,534.10. The Nasdaq composite index dropped 32.44 points, or 1.19%, to close at 2,687.60.

The Dow ended the week down 0.4%, the S&P fell 1.2%, and the Nasdaq skidded 0.7%.