The benchmark index of the Toronto Stock Exchange finished the week in the red after shedding more than 100 points during Friday’s trading session.

The S&P/TSX composite index fell 100.68 points, or 1.2%, to close at 8,678.1. For the week, the index shed 3.7%.

Financial stocks took the biggest hit on Friday, dropping 2.4%.

Shares of Manulife Financial Corp. continued to slide following Thursday’s grim financial report. Manulife shares fell $0.67, or 3.7%, to close at $17.53.

Toronto-Dominion Bank shares fell 2.1% to $37.15 and Royal Bank of Canada shares dropped 3.1% to $29.80.

Shares of IGM Financial Inc. tumbled 5.4% after the company reported that fourth quarter profit fell 66% to $79.8 million year-over-year. IGM shares closed at $31.80, down $1.82.

The materials group slipped 1.8% on Friday as gold futures dipped lower. Gold for February delivery pared earlier losses to end lower by US$7.00, or 0.7%, at US$941.50 an ounce on the Comex division of the New York Mercantile Exchange. The February contract ended the week up 3%.

The sub-gold index fell 3.1%.

Barrick Gold Corp. shares fell $1.83, or 3.8%, to $46.70.

Yamana Gold Inc. slipped 3.3% to $11.07 and Kinross Gold Corp. fell 2.4% to $23.32.

Metals miner First Quantum Minerals Ltd. saw its shares surge $3.35, or 11.6%, to $32.20 after the company announced it would raise copper production 10% to 380,000 tonnes and gold production 100% to 240,000 ounces.

Crude for March delivery bounced back on Friday with a sharp 10% gain after five consecutive days of declines. The contract ended up US$3.53, or 10.4%, at US$37.51 a barrel on the New York Mercantile Exchange. Despite the hefty gain, the crude contract lost 6.6% this week.

The energy group advanced 0.3% on Friday.

Shares of Pacific Rubiales Energy Corp. soared 25.9% after an announcement late Thursday that a US$200-million debt facility for an oil pipeline project had received credit approval. The company’s shares rose $0.83 to $4.03.

Nexen Inc. rose 3.1% to $17.50 and EnCana Corp. edged up 1.3% to $54.11.

Others declined, including Canadian Natural Resources Ltd., down 1.7% to $42.55.

Air Canada shares plunged 24.1% to $1.48 after the company reported a fourth-quarter loss of $727 million, reversing year-earlier profits of $35 million.

The S&P/TSX Venture exchange advanced 9.77 points, or 1.1%, to close at 925.64.

The Canadian dollar rose US0.7¢ to close at US81.03¢.

U.S. stock markets also finished the week with losses.

Dow Jones industrial average slips 82.35 points, or 1%, to 7,850.41. For the week, the blue-chip index shed 5.2%.

The S&P 500 fell 8.35 points, or 1%, to 826.84, losing 4.8% on the week.

The Nasdaq Composite fell 7.35, or 0.48%, to 1,534.36, for a weekly drop of 3.6%.

Toronto Stock Exchange and TSX Venture Exchange will be closed for Family Day on Monday, Feb. 16, and the New York Stock Exchange will be closed for Presidents’ Day.