The Toronto Stock Exchange suffered more losses on Friday, bringing the weekly drop for the benchmark index to 5%, while oil futures finished with a hefty weekly loss of more than 10%.

The S&P/TSX composite index shed 26.79 points, or 0.3%, to 9,747.13. The decline was despite an employment report from Statistics Canada on Friday morning showing that job losses in June were milder than expected.

The materials group led the declines, shedding 2.1% on Friday as gold futures ended lower. August gold futures fell US$3.70, or 0.4%, to end at US$912.50 an ounce on the Comex division of the New York Mercantile Exchange. For the week, the contract gave up 1.6%.

Teck Resources Ltd. fell 2.5% to $17.97 and Iamgold Corp. slipped 1.6% to $10.64.

Shares of potash producers were hit hard on Friday after news that India had settled a major volume potash contract order with Russian producer Silvinit at a price sharply below market expectations.

Potash Corp. plunged $9.68, or 8.9%, to $99.12, and Agrium Inc. fell $2.07, or 4.7%, to $42.10.

Oil futures retreated on Friday after a report from the International Energy Agency projected that demand for oil will fall 2.9% this year. On the New York Mercantile Exchange, August oil futures fell 52¢, or 0.9%, to end at US$59.89 a barrel, the lowest settlement for a front-month contract since May 18.

For the week, oil futures plunged 10.3% — their largest weekly loss in six months.

The energy group dipped 0.1% during Friday’s trading.

Lower for the day was Imperial Oil Ltd., down 1.2% to $40.99 and Nexen Inc., off 1.4% to $22.67.

Advancers included Canadian Natural Resources Ltd., up 35¢ to $55.30.

Shares of Addax Petroleum rose 1.5% on heavy trading volume Friday, after the company announced late on Thursday that a subsidiary of Sinopec International Petroleum Exploration and Production Corporation had commenced its takeover offer for Addax. The company’s shares added 73¢ to close at $49.90.

The financials group on the TSX finished flat for the day.

Shares of CIBC rose 1.6% to $57.71 and Power Corp. of Canada gained 2% to $24.78.

Others declined, including Sun Life Financial Inc., down 1.7% to $28.07, and Manulife Financial Corp., off 1.5% to $19.22.

Shares of Rogers Communications Inc. advanced 2.4% to close at $30.02 on Friday, helping to pull the telecommunications group up 0.9%.

The S&P/TSX Venture composite index edged up 2.73 points, or 0.3%, to 1,045.55.

The loonie declined by almost one-fifth of a cent against the greenback, to close at US85.86¢.

Stocks in New York also finished lower on Friday, with investors remaining cautious ahead of next week’s quarterly earnings reports. The Dow Jones industrial average and the S&P 500 index each finished with a fourth consecutive weekly loss.

The Dow fell 36.65 points, or 0.5%, to end at 8,146.52, leaving it with a weekly decline of 1.6%.

The S&P 500 shed 3.55 points, or 0.4%, to 879.13, off 1.9% from the week-ago close.

The Nasdaq composite index edged up 3.48 points, or 0.2%, to 1,756.03 on Friday. But the technology-laden index still finished the week with a hefty decline of 2.3%.