The S&P/TSX composite index managed to beat the major U.S. market indices in 2004, thanks to the Canadian market’s heavier concentration of energy, gold and base metal stocks.

The TSX benchmark index finished the year at 9,246.65, a rise of more than 1,000 points, or12.5%, from where it ended last year.

While that’s less than the 24.3% gain it made in 2003, it still ranks as an above-average performance at a time when most experts were expecting 2004’s gains to be in the single digits.

The TSX energy sub-index gets much of the credit for the advance in 2004 — it surged better than 30% as crude oil finished the year at about US$43.50 a barrel. While that is down from its late October high of US$55 a barrel, it is still up a third on the year.

Gold finished 2004 at US$438 an ounce, a rise of US$23 an ounce over the year.

All major North American markets ended 2004 in positive territory – the second “up” year in a row.

The junior S&P/TSX Venture composite index rose 29.56 points Friday to 1,825.47 for an annual advance of 4.2%.

Major U.S. indexes ended 2004 near 3½-year highs, despite slipping Friday. At close, the Dow Jones industrial average slipped 17.29 points to 10,783.01, the Nasdaq composite index was down 2.90 at 2,175.44 and the S&P 500 slipped 1.63 to 1,211.92.

For the year, the Dow advanced 3.2%, slowing markedly from its 25.3% gain in 2003.

The tech-heavy Nasdaq turned in a gain of 8.6%, also a big slowdown from its 50% jump in 2003, as tech shares continued to rebound from the dot-com bust.

The S&P 500 advanced 9% on the year.

The Canadian dollar closed off the year at US83.19¢, slightly off its 12-year high of just over US85¢ set in November. That amounted to an 8% gain on the year and followed an almost 22% rise in 2003.

Canadian financial markets will stay closed until Tuesday, but it’s to be business as usual on Monday in New York.