The Toronto Stock Exchange experienced broad-based declines on Friday, causing the benchmark index to give back nearly all of Thursday’s 2% gain.

The S&P/TSX composite index fell 174.44 points, or 1.9%, to close at 8,821.06. For the week, the benchmark index advanced roughly 3.8%.

The energy group weighed down the index with a 3.1% drop as oil futures tumbled. Crude for May delivery dropped US$1.96, or 3.6%, to end at US$52.38 a barrel on the New York Mercantile Exchange. The contract ended the week up a slight 0.6%.

On the TSX, EnCana Corp. saw its shares fall $2.68, or 4.9%, to $52.00.

Shares of Talisman Energy Inc. dropped 4% to $13.14 and Petro-Canada shares fell 2.3% to $34.68.

Up for the day was Nexen Inc., which saw its shares rise 1.6% to $21.62.

Gold futures also dropped on Friday, sending the sub-gold index down 2.9%. Gold for April delivery retreated US$16.70, or 1.8%, to end at US$923.20 an ounce on the Comex division of the New York Mercantile Exchange. The contract ended the week down 3.5%.

The materials group dipped 2% on Friday.

Goldcorp Inc. fell $1.20, or 2.8%, to $41.68 and Barrick Gold Corp. shed 2.7% to $39.70.

Agrium Inc. saw its share fall 3.1% after the company announced it is raising the cash portion of its bid for CF Industries Holdings Inc. by more than 10% above its original offer. Agrium shares lost $1.51 to $47.47.

Shares of Kinross Gold Corp. tumbled 4.3% to $22.06.

Financial stocks slipped 1.1% on Friday.

Shares of Sun Life Financial Corp. dipped 1.2% to $22.42 and Power Corp. fell 3.1% to $19.96.

Manulife Financial Corp.’s stock fell 2.6% to close at $15.00.

Bank of Montreal shares slipped 1.3% to $33.41.

Higher for the day was Fairfax Financial Holdings Ltd., up $9.00, or 2.9%, to $322.00.

A late day drop for the S&P/TSX Venture composite index put it down 13 points, or 1.3%, to close at 961.02.

The Canadian dollar gave up more than half a cent to finish at US80.81¢.

South of the border, the main stock market indexes also finished lower on Friday, but finished the week with hefty gains.

The Dow Jones industrial average fell 148.38 points, or 1.87%, to 7,776.18. Still, the blue-chip average surged 6.8% on the week.

The S&P 500 index fell 16.92, or 2.03%, to 815.94, and gained 6.2% on the week.

The Nasdaq composite retreated 41.8 points, or 2.63%, to 1,545.2, to finish the week up 6%.

IE