The Toronto Stock Exchange finished slightly lower on Friday, but a boost in commodity prices sent the Canadian dollar sharply higher, helping the currency finish with its largest monthly gain in more than 50 years.

The S&P/TSX composite index finished at 10,370.07, down 22.30 points, or 0.2%. For the week, the benchmark index gained about 4%.

The loonie finished at US91.60¢, up US1.9¢. Since the 1st of May, the loonie has advanced nearly US8.0¢, marking its largest monthly gain since 1950.

Crude oil for July delivery jumped US$1.23, or 1.9%, to US$66.31 a barrel on the New York Mercantile Exchange. During the month, oil futures surged roughly 30%, their biggest monthly gain in 10 years.

Despite the boost in oil futures, the energy group on the TSX slipped 0.4% on Friday.

Lower for the day was Talisman Energy, down 2.4% to $17.71, and Suncor Energy Inc., down 1.3% to $38.25.

EnCana Corp. slipped 1.2% to $60.00.

Meanwhile, the materials group gained 0.2% and the sub-gold index added 0.5% as gold futures jumped higher. Gold for June delivery rose US$17.30, or 1.8%, to close at US$978.80 an ounce on the Comex division of the New York Mercantile Exchange. During the month of May, gold futures gained nearly 10%.

Shares of Agnico-Eagle Mines Ltd. gained 2.5% to $67.49 and First Quantum Minerals Ltd. surged 3.1% to $48.64.

Yamana Gold Inc.’s stock advanced 3.4% to $12.84.

Financial stocks edged up 0.1% on Friday.

Shares of Royal Bank of Canada tumbled 4% after the company reported a loss of $50 million in the second quarter – its first quarterly loss since 1993. Royal Bank shares fell $1.80 to $43.70.

Toronto-Dominion Bank advanced 3.6% to $55.60 and Manulife Financial Corp. gained 2.2% to $23.50.

Shares of Laurentian Bank of Canada gained a hefty $1.67, or 5.6%, to end at $31.74.

The information technology group of stocks shed 1.3% on Friday, led by a hefty drop for Research in Motion. RIM shares fell $3.85, or 4.3%, to $85.53.

The S&P/TSX Venture composite index advanced on Friday, adding 18.92 points, or 1.7%, to end at 1,124.08.

In New York, U.S. stocks rallied on Friday, helping the main stock market indexes finish with hefty monthly gains.

The Dow Jones industrial average gained 96.53 points, or 1.2%, to end at 8,500.33. For the week, the blue-chip average gained 2.7%, and for the month it added 4%.

The S&P 500 index rose 12.31 points, or 1.4%, to 919.14. The index gained 3.6% for the week and 5.3% for the month.

The Nasdaq composite index advanced 22.54 points, or 1.3%, to 1,774.33. It gained a hefty 4.9% during the week and 3.3% for the month.

IE