Canadian equities gave up early gains to finish lower on Friday after grim economic data from south of the border dampened the mood of North American investors.

After a volatile session, the S&P/TSX composite index fell 37.7 points, or 0.5%, to close at 7,591.47. For the week, the index lost a sharp 6.5%.

Materials stocks dragged down the benchmark index, falling 1.8% despite a boost in gold futures on Friday. Gold for April delivery rose US$14.90, or 1.6%, to end at US$942.70 an ounce on the Comex division of the New York Mercantile Exchange. The contract finished the week nearly flat.

The sub-gold index slipped 0.8%.

Within the materials group, Goldcorp Inc. slipped 1.6% to $37.82 and Agnico-Eagle Mines Ltd. fell 2.3% to $63.92.

Agrium Inc. fell $1.75, or 4.2%, to close at $40.28 and Potash Corp.’s stock tumbled $4.57, or 5.1%, to $84.97.

Higher for the day was Inmet Mining Corp., up 2.6% to $28.21 and Teck Cominco Ltd., higher by $0.48, or 14%, to $3.90.

Financial stocks shed 0.5% during Friday’s session.

Manulife Financial Corp. dropped 3.5% to $9.65 and Sun Life Financial Corp. declined 2.7% to $15.68.

Laurentian Bank of Canada’s stock fell $1.08, or 4%, to close at $25.67.

Others advanced, including Fairfax Financial Holdings Ltd., up 2.4% to $288.30, and Bank of Montreal, higher by 1.2% to $27.48.

A boost in oil futures helped to lift energy stocks higher by 1.3% on Friday. Crude oil for April delivery rose US$1.91, or 4.4%, to close at US$45.52 a barrel on the New York Mercantile Exchange. For the week, the contract rose 1.7%.

Shares of Suncor Energy Inc. surged $1.15, or 4.4%, to finish at $27.35.

Canadian Natural Resources Ltd. rose $1.29, or 3.2%, to close at $41.80.

Petro-Canada shares advanced 1.7% to $25.92 and Imperial Oil Ltd. increased 1.5% to $40.37.

Research in Motion Ltd. shares fell $2.22, or 4.6%, to $46.60.

The junior S&P/TSX Venture index dipped lower by 0.57 point, or 0.1%, to finish at 829.12.

The Canadian dollar edged up 0.11¢ against the U.S. greenback to close at US77.73¢.

Stocks in New York spent much of the day in the red after news that 651,000 U.S. jobs were lost in February, bringing the total number lost jobs in the current recession to 4.4 million. The U.S. unemployment rate rose to 8.1% — its highest level since December 1983.

But U.S. equities managed to recover most of their earlier losses.

The Dow Jones industrial average recovered from earlier losses to end up 32.5 points, or 0.5%, at 6,626.94. For the week, the blue-chip average shed 6.2%.

The S&P 500 index edged up 0.83 point, or 0.1%, at 683.38. It lost 7% for the week.

The Nasdaq composite index ended the day down 5.74 points, or 0.4%, at 1,293.85. It tumbled 6% this week.

IE