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After battling hard and succeeding in staying positive over the first half of the day, Canada's main stock market succumbed to strong selling pressure in the second half and ended up closing down Friday nearly 30 points - albeit as many points above a session low struck with just an hour of trading left.

Uncertainties about whether or not Spain will look for a bailout in the short term weighed, as did medium to long terms concerns about the outlook for not only the European economy but the world economy as a whole too.

Reflecting this, Canada's budget deficit for the 2011-12 fiscal year was a bigger than forecast $26.2 billion as Europe's debt crisis cut revenues, government officials said on Friday.

In relation to stocks, the Energy Sector was the biggest loser in percentage terms on lower oil prices. Crude for November delivery was down US$1.83 to settle at $89.88 a barrel on the New York Mercantile Exchange Friday, for a weekly loss of 2.5%.

The Metals & Mining Sector fluctuated between positive and negative. Gold for December delivery fell $15.70 to $1,780.80 an ounce on the New York Mercantile Exchange, its lowest settlement level in a week.

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