Strength in financial stocks helped the benchmark index of the Toronto Stock Exchange recover from earlier losses to finish in positive territory on Friday.

The S&P/TSX composite index rose 12.22 points, or 0.1%, to close at 10,687.90. For the week, the benchmark index gained about 3%.

The financials group gained 1.8%

Bank of Montreal’s stock added $1.67, or 3.3%, to $51.67, and Bank of Nova Scotia rose 3.5% to $45.33.

Also higher was Manulife Financial Corp., up 3.4% to $24.64.

On commodity markets, crude for September delivery rose 89 cents, or 1.3%, to end at US$68.05 a barrel on the New York Mercantile Exchange. For the week, the front-month contract surged 7.1%.

Despite the boost, the energy group retreated by 0.8% on Friday, following strong gains on Thursday.

Shares of Suncor Energy Inc. dropped $1.16, or 3.2%, to $35.54 and units of Canadian Oil Sands Trust fell 2.7% to $26.64.

Petro-Canada’s stock plummeted $1.52, or 3.2%, to $45.44.

Higher for the day was Imperial Oil Ltd., up 1.7% to $43.71.

Materials stocks dipped 0.2% as gold futures retreated. On the Comex division of the New York Mercantile Exchange, gold for August delivery fell US$1.70, or 0.2%, to finish at US$953.10 an ounce. For the week, the metal gained 1.6%.

The sub-gold index stepped back by 0.6%.

Yamana Gold Inc. slipped 1.3% to $10.17 and Barrick Gold Corp. fell 15 cents to $38.11.

Shares of Potash Corp. fell $1.01, or 1%, to $103.58 on Friday after surging more than 7% during Thursday’s trading.

Shares of Agrium Inc. advanced on Friday, gaining 41 cents to close at $47.41.

Shares of Quadra Mining Ltd. continued to rise, adding 5.5% after Thursday’s announcement of the successful completion of a scoping study for its Sierra Gorda project in Chile. Quadra’s stock gained 54 cents to close at $10.34.

Meanwhile, Loblaw Co. Ltd. saw its shares fall 2% after announcing plans to acquire all the common shares of T&T Supermarket, Canada’s largest Asian food retailer. Loblaw’s shares fell 70 cents to $35.05.

The junior S&P/TSX Venture index finished higher on Thursday, gaining 5.63 points, or 0.5%, to close at 1,143.42.

The Canadian dollar advanced by nearly a third of a cent against the U.S. dollar, to finish at US92.34¢.

In New York, U.S. stocks finished mixed on Friday, but ended the week with substantial gains.

The Dow Jones industrial average ended up 23.95 points, or 0.3%, at 9,093.24 points, up 4% for the week.

The S&P 500 index gained 2.97 points, or 0.3%, to close at 979.26 points, registering a 4.1% gain for the week.

The Nasdaq composite ended its winning streak, falling 7.64 points, or 0.4%, to close at 1,965.96 points. For the week, it gained 4.2%.

IE