Markets

TSX Close: TSX Finishes Lower as Commodities Prices Decline on Fiscal Cliff Worries

The Toronto stock market closed lower Friday as commodity prices fell amid worries that U.S. politicians might not reach a budget deal before the end of the year, sending the U.S. over the fiscal cliff.

The S&P/TSX Composite Index finished 57 points lower at 12,316, close to session lows of 12,307.

The TSX's industrials sector led decliners, falling nearly 1%. Materials were down 0.4% as gold stocks lost ground. Energy and financials were also in negative territory.

Heavily traded stocks included Poseidon Concepts (PSN.TO, -13%), IAMGOLD (IMG.TO, -0.7%) and Research in Motion (RIM.TO, +0.5%).

Crude for February delivery shed 7 cents, or 0.1%, to settle at $90.80. Oil finished the holiday-shortened week 2.4% higher.

Gold fell $7.80, or 0.4%, to settle at $1,656.30 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices fell 0.3% for the week.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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