Toronto stocks closed lower Friday as gains in technology stocks failed to offset losses across the rest of the market.

The S&P/TSX composite index fell 49.27 points to 7,467.18. For the week, the TSX gained 1.03%.

Toronto volume was 214.2 million shares worth $2.5 billion. Market momentum was slightly positive as 577 issues advanced and 571 declined.


Telecoms shares dropped 1.08%, while health care issues fell 0.96%.

The tech issues climbed 0.22% on upbeat guidance from U.S. computer chip maker Intel, which raised its revenue forecast.

In Toronto, ATI Technologies Inc. rose $1.03 or 5.35%, to $20.30.

Corel closed up 1¢ at $1.46, after the company said on Friday an Ontario court had approved its acquisition by Vector Capital.

Tech bellwether Nortel Networks ended down 7¢ at $4.53.

A big acquisition in the financial services sector saw CI Fund Management spend nearly $1 billion to buy privately held Synergy Asset Management and the Canadian operations of financial planner Assante.

If approved, the deals would make CI the second-largest fund manager in the country.

CI shares retreated after setting a year high of $13.65 early in the session. The stock closed down 7¢ at $13.33.

Assante closed up 30¢ at $9.

The junior S&P/TSX Venture Composite Index closed up 4.43 points at 1,284.48. Trading was very heavy on a volume of 52.5 million shares.


In New York, U.S. stocks sagged as investors locked in profits for ahead of the weekend.

The Dow Jones industrial average slumped 74.81 points to 9,348.87, and the broader S&P 500 dropped 10.22 points to 993.05. After rallying nearly 2% earlier in the session, the Nasdaq Composite Index fell 12.24 points to 1,765.31.